SANTIAGO, March 28 Reuters Chilean copper giant Codelco COBRE.UL reported gross profit of 3.12 billion for 2023, the stateowned producer said in a filing on Thursday, a 34 dip from a year earlier after the state firm faced operational and production challenges.

Codelco, the world39;s top copper miner, posted production of 1.325 million metric tons for the year its lowest level in a quarter century according to the filing, compared to 1.446 million tons in 2022.

Despite the drop, along with a pretax profit decline of 74 year on year to 719 million, Codelco said it expected improvements soon, with a recovery in output by 2030.

2023 was a very difficult year in terms of operations and production, but we are convinced that it was the lowest part of a productive trough that will begin to improve this year, Chief Executive Ruben Alvarado said in a statement.

Going forward, we expect positive news and a gradual recovery until we return to our production level of 1.7 million tons by the end of the decade, he added.

For 2024, the company predicted copper output would remain steady at between 1.325 and 1.390 million tons, and expected a capital expenditure of 4 billion to 5 billion.

Codelco logged earnings before interest, taxes, depreciation and amortization EBITDA of 4.184 billion, down more than a quarter from 2022.

A Reuters investigation published earlier this month showed that Codelco project delays, accidents and deferred maintenance have all contributed to its…