The state-owned mining company is working to close this year with its own production at the high end of the estimated range, targeting 1.39 million tons.

Chilean state-owned Codelco, the world's largest copper producer, will return to the bond market but is evaluating the right time to do so, Chief Executive Ruben Alvarado told Reuters .

The executive also stated that the company is working to close this year with its own production at the high end of the estimated range, targeting 1.39 million tons.

"We're looking at all the alternatives there. We know we still have to go to market. We'll certainly be there, but we still have to decide when," he told Reuters after speaking at the CRU/CESCO World Copper Conference.

"Our bond prices are very attractive. We take great care with our investment grade, so we believe we still have the room to move forward with financing our projects," he added.

Regarding production, the executive said they expect to increase performance after having a better first quarter than last year.

"Coming into next year, we're preparing to go for significantly more. Last year, we finished with an additional 1.328 million tons of copper. Our current program is 1.39 million tons," he explained.

In 2024, Codelco managed to surpass its own production from the previous year after reaching 25-year lows due to the delay of key projects and some operational issues, which it has been resolving.

"We're focused on doing things right, ensuring operational continuity, and particularly taking great care with security issues," he added.

On the other hand, he noted that they are still evaluating whether to send new spot copper shipments to the United States, as they did in the first quarter amid customers' expectations of stockpiling supplies in anticipation of import tariffs.

"What has motivated us to increase shipments to the United States has to do primarily with meeting the needs of our long-term customers," he noted.