Chile's state-owned copper company, Codelco, has reported a sharp drop in production to start this year, leading to questions about the validity of its reported surge in output for the end-2025 production. The January figure was a year-on-year drop of 1.8% and a decline of 47% from December. In December, the company reported its largest monthly output figure ‘of 172,300 metric tons, which was the largest monthly figure for the decade so far and far exceeded the monthly average of 105,600 tons from January to November. Industry insiders have been questioning how the surge was achieved, whether the figure represented fully refined copper, and what it signals for the miner's long-term goals to boost production towards its goal to 1.7 million tons by 2030. The company attributed its increase to increased use of stockpiled inventory, unplanned sources of material and improved performance at some divisions.