According to a report by Mining.com citing Bloomberg, Codelco aims to reclaim its position as the world's largest copper producer, targeting a modest increase in copper production in 2027.
People familiar with the forecast said total production next year is expected to reach 1.5 million mt. The figure includes mines that Codelco does not operate but in which it holds minority stakes. The person, who asked not to be identified, said production from Codelco's own mines is expected to increase from 1.34 million mt this year to 1.37 million mt.
The company is working to reverse a prolonged decline in production and get its aging mines and delayed expansion projects back on track. President Pacheco Maximo hopes to return to pre-pandemic levels of 1.7 million mt by 2030, when global market supply is expected to tighten.
To address declining ore grades, cost overruns, and a heavy debt burden, Codelco has overhauled its management system and decentralized project leadership. Bloomberg Intelligence (BI) said Codelco is attempting to overtake BHP as the world's largest copper producer. BHP operates Escondida in northern Chile, the world's largest single copper mine.
BI analyst Sporre Grant noted, "If Codelco can slightly increase production, and Escondida's grade declines as per the mining plan, then Codelco could become number one again."
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