Surge in Copper Production: Codelco and BHP Lead the Way

Codelco

A Closer Look at November's Copper Production Increases

Chile's premier state-run enterprise, Codelco, along with the Australian mining giant BHP's Escondida mine, have reported significant increases in their copper production for November. This development could signal a robust period for the metal's market moving forward.

Significant Gains Amidst Global Challenges

In a detailed report from the Chilean copper commission Cochilco, it is noted that Codelco's production for November reached 133,600 tons. This figure represents a remarkable 17% increase compared to the same period in 2023, marking the highest output observed last year. Despite facing production challenges earlier in the year, Codelco has evidently managed a vigorous recovery in the latter half.

On the other hand, BHP's Escondida mine, the largest copper mine in the world, produced 108,200 tons of copper in November alone, up by 28% from the previous year. This substantial growth underscores Escondida's critical role in the global copper market.

Variance Among Competitors

While Codelco and BHP have enjoyed production boosts, not all industry players saw the same success. The Collahuasi mine, which is a joint venture between Anglo American, Glencore, and Japan's Collahuasi Resources, experienced a downturn. The mine's output declined by nearly 24% year-on-year, totaling only 36,700 tons in November.

Despite these mixed results, the overall copper production in Chile from January to November stood at approximately 4.94 million tons, marking a 3.9% increase over the previous year. This growth is largely attributed to the strong performances of both Escondida and Codelco during the latter half of the year.