Chilean Copper Production Sees November Surge for Codelco and BHP

Chilean copper production showed strong gains in November. Specifically, Codelco and BHP’s Escondida mine increased output compared to the previous year. Data comes from the Chilean copper commission, Cochilco.

Codelco’s copper production reached 133,600 metric tonnes in November. This figure represents a 17% increase from November 2023. Also, it marks Codelco’s highest monthly production for the year. However, Codelco’s January-November output decreased by 2.5% year-on-year, totaling 1.25 million metric tonnes. This drop resulted from weaker production in the first half of the year.

BHP’s Escondida mine in Chile reported 108,200 metric tonnes of copper production in November. This shows a 28% increase compared to the same month last year.

Conversely, Collahuasi, jointly owned by Anglo American, Glencore, and Collahuasi Resources, saw a decline. Their November production was 36,700 metric tonnes, down nearly 24% year-on-year.

Overall, Chile’s copper production for January-November reached 4.94 million metric tonnes. This is a 3.9% increase year-on-year. Escondida’s strong growth and Codelco’s second-half recovery drove this increase.

Factors Influencing Copper Output

Several factors influenced these production figures. Strong demand and operational improvements likely contributed to Codelco’s and Escondida’s gains. On the other hand, operational challenges may have affected Collahuasi’s output.