Codelco delays its Maricunga project to 2034

Codelco now expects first lithium from its Maricunga project in 2034, four years later than the earlier 2030 plan, president Bernardo Fontaine said yesterday. ...

Codelco now expects first lithium from its Maricunga project in 2034, four years later than the earlier 2030 plan, president Bernardo Fontaine said yesterday. Giving a statement before the mining committee of the Senate of Chile, Fontaine said the project is still eight years away. The delay has been attributed to slow permitting, community consultation and environmental sign-off.

The statement given was frank in that Fontaine outlined that, despite having world-class assets, "Codelco faces a sustained deterioration of its profitability, reflected in lower production levels, higher costs, lower cash generation and an increase in debt. "Codelco is developing the Maricunga project with Rio Tinto.