Codelco retains title as world’s top copper producer

Codelco has maintained its position as the world’s largest copper producer after reporting 2024 output slightly above BHP (NYSE: BHP).Chile’s state-owned miner produced 1.44 million tonnes of copper last year, compared to BHP’s attributable production of 1.43 million tonnes, according to Bloomberg Intelligence estimates.Codelco has been working to complete key projects that will unlock richer ore deposits in its aging mines. The company is also seeking additional investment, including early-stage discussions with Saudi Arabia.Additionally, Codelco is pursuing new technologies, including a rock-shattering technology developed by Robert Friedland’s I-Pulse Inc., which uses electricity to break rocks more efficiently.Mine rehabilitation is a priority for Codelco, as declining ore quality requires the company to extract more material to maintain production levels.Meanwhile, BHP is also investing $10.8 billion to modernize its aging operations in Chile, where it manages Escondida, the world’s largest copper mine.Copper prices surge amid U.S. tariff speculationDemand for copper remains strong, with miners rushing to ship the metal to the U.S. amid reports that a U.S. tariff on copper may be implemented sooner than expected.Last week, New York copper futures reached a historic high of approximately $11,840 per tonne. By Monday morning, May copper contracts were trading down 2% at $11,066 per tonne.At a recent Financial Times commodities summit in Switzerland, major traders predicted that copper prices could exceed $12,000 per tonne this year as global supply concerns intensify.Codelco has held its status as the world’s biggest copper producer after reporting 2024 output slightly above BHP (NYSE: BHP) Chile’s state-owned miner posted total full-year production of 1.44 million tonnes last year, compared with BHP’s attributable production of 1.43 million tonnes, according to Bloomberg Intelligence estimates.Codelco has been pushing to finish projects key to tapping richer areas of its aging mines. The company is also engaged in receiving more investment, including an early-stage discussion with Saudi Arabia.THe company is also investing in technology, considering adopting technology being developed by Robert Friedland’s I-Pulse Inc. that uses electricity to shatter rocks.Cleaning up mines is key for Codelco whose declining ore quality means it has to dig up more rock to produce the same amount of metal.Rival BHP has also embarked on a $10.8 billion plan to overhaul old operations in Chile, where it oversees the world’s largest copper mine, Escondida.Demand for copper remains high as miners have rushed to ship the metal to the U.S., after reports that a US tariff on the key industrial metal is coming sooner than expected.  The most-traded New York copper contracts set a new historic high last week, to roughly $11,840/tonne. Monday morning, copper for delivery in May was trading down 2%, at $11.066. Major traders predicted at a Financial Times commodities summit in Switzerland that the metal could reach at least $12,000 a tonne this year as supply concerns flare up globally.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com