Top copper producer Codelco saw a decline in quarterly output due to lower quality ore at its aging Chilean mines — the latest sign of supply-side struggles that have helped send metal prices to two-year highs. The state-owned company’s wholly-owned mines produced 295,000 metric tons, down 9.6% from the first three months of last year, Codelco reported Friday. The result was telegraphed earlier this month by Chairman Maximo Pacheco, who said “almost 300,000 tons” in the first quarter represented 99% of an internal target. Pacheco and Chief Executive Officer Ruben Alvarado are gunning for a slight increase in 2024 ... (full story)