BHP Set to Surpass Codelco as World’s Largest Copper Producer

Bloomberg Intelligence reports that BHP, an Australian mining giant, is on track to dethrone Chile's state-owned Codelco as the world's leading copper producer. This shift is anticipated to occur this year, with BHP's copper production projected to reach about 1.44 million tons, surpassing Codelco's expected output of 1.41 million tons. This significant production increase for BHP is attributed to robust performance at its Escondida mine, the largest copper mine globally.

In contrast, last year saw Codelco leading with 1.42 million tons of copper produced, slightly ahead of BHP's 1.37 million tons. Despite this imminent change in rankings, BHP's position as the top copper producer might be short-lived. Codelco is poised to reclaim its status upon accelerating its expansion projects, which are currently experiencing delays.

Freeport McMoran, ranking third among global copper producers, is also expected to increase its production from 1.3 million tons last year to 1.34 million tons this year, adding another layer of competition within the top ranks of copper production.