By Fabian Cambero and Daina Beth Solomon
SANTIAGO (Reuters) – Chilean state-run Codelco is making a late dash to rev up its production in a bid to hit 2024 targets, two sources and an internal document show, potentially turning things around after a weak first half of the year.
The world’s top copper producer, which is battling to revive output from a 25-year low, hopes to close the year with some 1.331 million metric tons of the metal, the two company sources said, which would be up 0.5% from last year and at the lower end of its target range.
In an internal memo seen by Reuters, the firm said its October output, already flagged by executives as strong, was 2.9% above target, the most concrete sign yet of its recent performance. Official data will be released in the coming days.
The annual and October figures are previously unreported.
The firm’s official annual target is 1.325-1.352 million tons of copper, with the top-end of the range lowered from 1.39 million tons in July.
Its 2024 plan targeted 116,500 tons in October, an internal document seen previously by Reuters showed. A 2.9% beat would suggest real production close to 120,000 tons.
Codelco declined to comment.
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