Chilean Copper Output Rises in October, Codelco Remains Flat

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Cochilco, Chile's mining regulator, reported Chile produced 489,000 tons of copper in October, compared to the 459,000 tons during the same month last year. However, state-run miner Codelco's production of 128,000 tons during October was flat on a year-over-year basis.

Codelco had a slow start to the year, though in recent months, it has been able to equal or surpass the monthly volumes registered in 2023. Codelco has faced years of output declines due to the delay of its structural projects, which aim to bring online new production.

BHP Group Limited's (Melbourne, Australia) Escondida copper mine, the world's largest, produced 108,000 tons in October, a 22% increase from the same month in the previous year.

For the first 10 months of the 2024, Chile's copper output totaled 4.45 million, about 3.3% more than during the previous year. However, the boost is not the result of higher production from Codelco, whose output in the first 10 months of the year was 4.4% lower than in the same period of 2023. Instead, mines such as Escondida and Quebrada Blanca have offset those setbacks.

Teck Resources Limited's (Vancouver, British Columbia) Quebrada Blanca copper mine is leading this year's output gains, with production of 163,000 tons during the first 10 months of the year, a 344% increase year over year. Teck Resources owns the asset with a 60% stake, although Codelco recently acquired a 10% stake at the mine from Enami (Copiapo, Chile). For related information, see September 10, 2024, article - Codelco Acquires 10% Stake in Quebrada Blanca Copper Mine in Chile.

The development of the Chilean copper industry, especially Codelco's operations, is key to meeting global demand.

A report by BHP released in September projects copper demand to grow by 70% through to 2050 with the electrification of the transport sector representing a considerable chunk of the demand. "We project global copper demand will grow by around 70% to over 50 (million tons) per annum by 2050--an average growth rate of 2% per year," BHP said.

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