Codelco Taps Braim Chiple as Chief Commercial Officer

In a strategic move amid Chile’s evolving mining landscape, Codelco appoints Braim Chiple as its new Chief Commercial Officer, securing a veteran in the mining industry. Chiple, currently an adviser and senior consultant for copper trading in South America at Mitsubishi RtM, brings a wealth of experience and expertise to his new role.

Chile’s Shifting Mining Policy Landscape

Chile, the leading copper-producing country and second-largest for lithium, experienced significant policy shifts recently. President Gabriel Boric’s decision to increase mining royalties and plans for heightened state control over the lithium sector have set the stage for a recalibration of the mining industry’s dynamics in the region.

Codelco’s Struggle Amidst Underinvestment

The prominent copper giant has faced formidable challenges after enduring years of underinvestment in its aging deposits. As a result, its operational costs have surged, leading to a decline in production. Distressingly, Codelco’s output in 2022 plunged to its lowest level in 25 years, jeopardizing its position as the world’s leading producer of copper.

Current Output Metrics and Projected Recovery

The latest available data reports a fourth-quarter output of 358,000 tonnes, compared to approximately 384,000 tonnes for the same period in the previous year. Although this indicates a decline, there is a silver lining as the output for the last quarter of 2023 outstripped that of the July-September period. Newly appointed CEO, Ruben Alvarado, has pledged to lead Codelco through a methodical recovery process.

Future Projections and Anticipated Recovery

Alvarado expressed his optimism about steering Codelco back to its former glory. He anticipates total copper production for 2023 to touch close to 1.31 million tonnes, albeit towards the lower end of the estimated range. Investors and industry observers eagerly await Codelco’s official 2023 results scheduled for release in March.