The copper industry is set for a shakeup as BHP Group (ASX: BHP) is projected to surpass Codelco as the world’s largest copper producer in 2024, according to estimates from Bloomberg Intelligence.
Analyst Grant Sporre anticipates that BHP’s massive Escondida mine in Chile will drive increased production, allowing the Australian company to edge past the Chilean state-owned giant Codelco this year.
Estimates say Codelco’s copper output will dip from 1.42 million metric tons in 2023 to 1.41 million tons in 2024. Conversely, BHP is expected to boost production from 1.37 million tons last year to 1.44 million tons, dethroning Codelco from its long-held position as the global leader.
Also read: Copper Supply Disruptions Mount as Congo Halts Mine Operation Due to Radiation
However, Codelco remains optimistic about reclaiming the top spot in the coming years as it works to recover from project delays and setbacks. The state-owned company experienced an 8.4% drop in production in 2023 but aims to gradually rebound, targeting an output of 1.7 million tons by the end of the decade, according to CEO Rubén Alvarado’s recent comments.
Information for this story was found via Bloomberg Intelligence, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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