Codelco expects to produce less copper this year, abandoning a plan unveiled in April to produce 1.34 million metric tons versus last year's revised 1.307 million tons, Bloomberg reported Wednesday, citing a person familiar with the matter.

Under new Chairman Bernardo Fontaine and Chief Executive Officer Jorge Gomez, Codelco is now looking to stabilize production around current levels in coming years rather than pursue former Chairman Maximo Pacheco's 1.7 million-ton target, the report said.

The new leadership is prioritizing profitability over production volume, aiming to maximize contributions to the state while preventing further increases to the company's $27 billion debt burden, according to the report.

Codelco did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)