Codelco regains title as world’s top copper producer

Codelco has resumed its position as the world’s largest copper producer after reporting 2024 output slightly more than 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. BHP held the title last year. 

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

Demand 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.