There’s a three-way battle underway for the title of the world’s biggest copper producer. After buying Australia’s OZ Minerals , BHP Group is challenging for the mantle at a time when hitherto leader Codelco has seen output slide as it battles to overhaul aging operations in Chile. In fact, the Melbourne-based firm produced more than Codelco last quarter.
After buying Australia’s OZ Minerals , BHP Group is challenging for the mantle at a time when hitherto leader Codelco has seen output slide as it battles to overhaul aging operations in Chile. In fact, the Melbourne-based firm produced more than Codelco last quarter.
“The risk is if Codelco doesn’t pick up production in 2024 and BHP does, then they could overtake the mighty Codelco” in annual terms, said Bloomberg Intelligence analystFreeport-McMoRan briefly moved into first spot last year as it ramped up underground mining in Indonesia, although the US firm has seen its share of output fall after handing over half that asset as a condition for signing a new contract.
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