The Chilean state-owned miner Codelco has effectively ruled out reaching its former target of 1.7 million tonnes of annual copper production within the next four or five years. The world's largest copper producer is guiding for almost 30% less copper in 2026 than it mined in 2015. Codelco chairman Bernardo Fontaine says there is "no possibility" of reaching the company's 1.7 million tonne target within four or five years. Sponsored · Selkirk Copper MinesCodelco produced 1.732 million tonnes from its own mines in 2015. Sponsored · Canadian Copper Inc.Higher copper prices prevented the decline from translating directly into weaker financial results.