Codelco and CMOC Increase Copper Production in 2024

Codelco, the world's largest copper producer, achieved a production of 1.328 million metric tons in 2024, slightly higher than the previous year's 1.325 million tons, as stated by Chairman Maximo Pacheco. The company faced challenges such as declining ore grades and construction issues but managed to boost production in December to meet its targets. Meanwhile, China Molybdenum Co (CMOC) reported substantial increases in copper and cobalt production for 2024, projecting a 55% rise in copper to 650,000 metric tons and a 106% increase in cobalt to 110,000 metric tons. CMOC's improved output reflects its operational capabilities, despite cautioning stakeholders about potential risks due to unaudited data. As Codelco looks to expand into lithium, Pacheco anticipates binding offers for its Maricunga project in early 2025, aiming to begin construction by 2027. Both companies highlight their roles in a recovering metals market, with Codelco aiming to reclaim past production peaks by the end of the decade.