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Codelco boots copper 2024 but strains workers, delays maintenance

An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.

The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.

Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”

Source – Reuters

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    “We are just seeing some mild profit-taking pressure from recent gains, the underlying fundamentals are still bullish… Another thing that’s putting some mild pressure on the gold market is a rise in bond yields,” said Jim Wyckoff, senior market analyst at Kitco Metals.

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