Codelco targets 1.39Mt of copper output in 2025 - document

Chilean state miner Codelco, the world's largest copper producer, is targeting production of 1.391-million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters. The firm, which is battling to lift production off quarter-century low levels, has also authorized investments in the period of some $4.727-billion, made up of $3.972-billion plus Value Added Tax (VAT), the document showed. In calculating its budget, Codelco forecast a copper price of $4.30 per pound and expects a cash cost of $1.98 per pound, the document showed. It expects operating revenue of $22.23 billion, leading to a pre-tax net profit of $3.105 billion.