Chilean state-owned miner Codelco has regained its position as the world’s leading copper producer, driven by aggressive investment and new technology adoption.
According to Bloomberg Intelligence on April 1, Codelco produced 1.44 million metric tons of copper last year, narrowly surpassing competitor BHP, which reported 1.43 million tons.
Codelco ‘s performance is largely attributed to increased mining investment. The company acquired a 10% stake in a mine operated by Teck Resources last year and is currently exploring additional investment opportunities with Saudi Arabia.
Codelco has also embraced technological innovation. It recently adopted a rock-fracturing technology developed by I-Pulse, which uses electricity to break rocks and is considered effective in addressing declining ore quality.
This year, Codelco expects to produce between 1.37 and 1.40 million tons of copper from its own mines, up from 1.33 million tons last year.
While BHP temporarily benefited from increased output at Escondida, the world’s largest copper mine, aging operations have caused it to fall behind Codelco. In response, BHP has launched a $10.8 billion investment program aimed at boosting production.
Through this initiative, BHP aims to produce an average of approximately 1.4 million tons of copper annually in Chile over the next decade.
