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Ruben Alvarado, who took over as CEO on Sept. 1 after the abrupt resignation of his predecessor over “complexities” running the state-owned firm, expects production to increase in 2024 to around 1.34 million metric tons.

Alvarado told the Chilean newspaper that the budget for next year was still under consideration.

In July the copper giant adjusted its yearly production target downwards for 2023, to between 1.31 million and 1.35 million metric tons.

Codelco has struggled with operational issues and high levels of debt, which have delayed key projects essential to extending the life of its mines.

Production last year fell to a 25-year low. The company expects production to begin to recover next year.

Regarding Codelco’s debt, currently at around $20 billion, Alvarado said that the company still had “room” to take on more: “It is most likely that there will be an increase in the level of debt.”