The Chilean state-owned company Codelco, which in 2022 for the first time in many years lost the first place in the world ranking of copper producers, will gradually restore production and bring it to 1.7 million tons by 2030. This was announced by the CEO of the company Andre Sugarre, who will retire at the end of August.
Last year, Codelco’s copper output fell 10.6% year-over-year to 1.446 million tonnes, the lowest in 25 years. The productivity of operating enterprises is reduced due to the depletion of reserves, and large projects to expand capacity are being implemented with budget overruns and delays.
However, Andre Sugarre said that Codelco will gradually overcome the difficulties and bring new capacities into operation. To do this, it is necessary not to stop work and invest about $15 billion in the completion of projects.
Copper production at Codelco’s facilities will decline again in 2023, according to Bloomberg estimates, but will start to rise slowly from 2024. At the same time, the Chilean company will restore its leading position in the world rankings.
The American company Freeport-McMoRan, which came out on top in 2022, will lose its championship. Under an agreement with the Indonesian government, it had to transfer an additional stake in the country’s largest copper mine, Grasberg, to an Indonesian state-owned company. Accordingly, Freeport’s share of its products will decrease.
According to Bloomberg, the American company will not even be able to stay in second place. It will be surpassed by the Australian group BHP, which in 2023 took over OZ Minerals. But it will not reach the level of Codelco.
