Copper production from Codelco, the world’s largest copper producer and a state-run miner in Chile, saw a significant increase of nearly 17% in November. This surge contributed to an overall rise in copper output in the country by approximately 10%, according to data released by the copper commission Cochilco.
Key Highlights:
Codelco’s Production:
Codelco produced 133,600 metric tons of copper in November, marking a 16.9% increase compared to the same month last year.
This contrasts with a previous Reuters report indicating Codelco’s production was 125,500 tons, which fell short of the company’s targets. The discrepancy is attributed to Codelco’s interests in Freeport’s El Abra and Anglo American Sur.
Other Major Mines:
Production at BHP’s Escondida mine, the largest copper mine globally, increased by 27.6%, reaching 108,200 tons.
Conversely, output at Collahuasi, a significant copper mine operated by Glencore and Anglo American, dropped 23.5% to 36,700 tons.
Overall Production in Chile:
With these results, Chile’s total copper production for November rose by 9.8%, totaling 486,200 tons, as reported by Cochilco.
Challenges for Codelco:
Codelco has faced challenges in recovering its production levels after experiencing a 25-year low in 2023.