Codelco’s El Teniente two-year setback deepens copper fears

Mining08-05 10:21

Codelco’s decision to suspend development of the Andes Norte section at its flagship El Teniente mine could last as long as two years, according to a union leader, compounding production challenges at...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCodelco’s El Teniente two-year setback deepens copper fears\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-05 10:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mining.com/codelcos-el-teniente-two-year-setback-deepens-copper-fears/><strong>Mining</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Codelco’s decision to suspend development of the Andes Norte section at its flagship El Teniente mine could last as long as two years, according to a union leader, compounding production challenges at...</p>\n\n<a href=\"https://www.mining.com/codelcos-el-teniente-two-year-setback-deepens-copper-fears/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"COPP","symbol_name":"Sprott Copper Miners ETF","start_time":0,"source_url":"https://www.mining.com/codelcos-el-teniente-two-year-setback-deepens-copper-fears/","article_id":"2657522874","we_media_id":null,"thumbnails":["https://www.mining.com/wp-content/uploads/2026/08/el-teniente-underground.jpg"],"rights":{"source":"mining_highlight","url":"https://www.mining.com/codelcos-el-teniente-two-year-setback-deepens-copper-fears/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2657522874","pubTimestamp":1785896460,"columns":[],"sourceInfo":{"source_id":"mining_highlight","name":"MINING.COM"},"weMediaInfo":null,"summary":"Mine union sees a two-year pause at El Teniente expansion as safety concerns add to…","collect":0,"end_time":0,"defaultTopTitle":"mining.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"COPP":"Sprott Copper Miners ETF","CPER":"美国铜指数基金","BK4535":"淡马锡持仓","XME":"金属与采矿指数ETF-SPDR","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","ICOP":"iShares Copper and Metals Mining ETF","COPJ":"SPROTT JUNIOR COPPER MINERS ETF","UYM":"基础材料指数ETF-ProShares两倍做多"},"translate_title":"Codelco的El Teniente两年的挫折加深了对铜的担忧","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COPP":1.5,"CPER":1.5,"ICOP":1.5,"XME":1.5,"CPXR":1.5,"QCmain":1.5,"COPJ":1.5,"MHGmain":1.5,"UYM":1.5},"content_text":"Codelco’s decision to suspend development of the Andes Norte section at its flagship El Teniente mine could last as long as two years, according to a union leader, compounding production challenges at the world’s largest underground copper mine and tightening an already strained global copper market.\nThe expansion pause follows new geological studies showing greater seismic risks than previously understood. The Chilena copper giant said the decision was made to protect workers after six months of analysis identified an emerging seismic phenomenon associated with the greater depth of the Andes Norte project.\n“The available evidence is consistent with the possible existence of an emerging risk associated with the greater depth of the Andes Norte project,” the company said. “These analyses have identified the existence of an emerging seismic phenomenon with characteristics different from the risks that have historically been known and managed in the operation.”\n\nCodelco halts El Teniente mine expansion over seismic risk\n\nThe project is adjacent to the Andesita and Teniente 7 mining areas, where a rockburst on July 31, 2025, killed six workers and halted production across parts of El Teniente. The collapse, equivalent to a magnitude-4.2 earthquake, remains under criminal, regulatory and technical investigation.\nSupply squeeze\nThe latest setback comes as Codelco is already struggling to restore production after output fell to a 25-year low. El Teniente’s copper production was about 27% lower year over year in the first five months of the year, while the company’s new chairman has acknowledged its goal of returning to 1.7 million tonnes of annual copper production by 2030 is no longer achievable.\nThe disruption adds to mounting concerns over global copper supply. Miners worldwide are pushing deeper underground as ageing operations become depleted, increasing exposure to geotechnical risks similar to those emerging at El Teniente, a century-old mine with more than 4,500 km of tunnels beneath the Andes.\nAt the same time, physical copper markets are tightening. CRU’s latest Copper Monitor warned of a growing risk of a near-term squeeze on the London Metal Exchange, citing low on-warrant inventories, dwindling visible Chinese stocks and heavy US imports ahead of a possible tariff decision. The report also noted that one participant now controls between 50% and 79.99% of live LME copper warrants, while nearby futures positions are concentrated among a handful of long investors.\n\nCopper price sets fresh US record as tariff-driven hoarding meets shrinking supply\n\nThe tightening supply outlook helped lift Comex September copper to an intraday record of $6.7045 per pound ($14,781 per tonne), surpassing the previous high set in May. \nThe contract later traded at $6.683 per pound, up 0.6% on the day, 7.3% over the past month and more than 50% from a year earlier. Chile, meanwhile, has just reported its weakest second-quarter copper production in almost two decades.\nCopper markets are increasingly being driven by supply risks rather than demand, with Codelco’s prolonged disruption adding fresh uncertainty as inventories remain historically tight and traders continue to shift metal into the US ahead of potential import tariffs.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657522874","isCrawlerRequest":true}