Press Release

Codelco to optimize production plans and investment projects for 2023-27

Bnamericas Published: Friday, December 23, 2022

This is an automated translation of the original release published in Spanish

By Codelco

The state company needs to complete investments not only in its structural projects, the backbone of the next 50 years for of the copper company, but also in the renovation and maintenance of infrastructure; mining developments and environmental and community commitments, among others, for which the executive president of Codelco, André Sougarret, defined an immediate strategy with measures aimed at improving results and short and medium-term production plans.

In an internal note, the company's top executive instructed the corporate vice presidents and general managers of the divisions to present by the end of January a complete plan of structural measures regarding production and investment plans between 2023 and 2027, to ensure the future goals of the company.

Among the focuses that Sougarret has advanced to the organization is reaching the technical limits of the infrastructure, achieving the continuity of operations with timely maintenance, reducing the variability of processes, and improving mining development, strengthening production and reducing costs. Also, complying with the implementation of the structural projects so that they begin to produce as soon as they are transferred to the divisions for their operation.

Additionally, the executive president instructed an austerity plan that must be implemented immediately, related to the purchase of materials, third-party services, training, events, forms, and work absenteeism, all measures that will seek to improve the indicators with respect to the 2023 budget, without affecting, in any case, labor safety standards.

“In this process it is key that all of us who are part of Codelco become aware of the challenging moment we are experiencing, that we align ourselves with the common purpose of making our structural projects perform and achieving better levels of efficiency in our processes. Today we require maximum responsibility and a deep commitment to our goals and the future of the main company in Chile,” highlighted André Sougarret.

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