Chilean Copper Production Rebounds in 2024 After Years of Decline
Chile’s copper production rose to 5.5 million tons in 2024, marking a 4.9% increase from 2023 and breaking a years-long decline that had brought output to its lowest level in two decades. Out of 17 mines in operation, 12 reported production growth.
BHP’s Escondida led the recovery, increasing output by 16% to 1.27 million tons—its highest since 2007. Antofagasta Minerals’ Los Pelambres saw a 6.7% rise to 331,000 tons, while Lundin Mining’s Candelaria grew by 8.5%, reaching 142,000 tons, its best since 2017.
Significant gains were also recorded by Mantos Copper, up 19.6% to its best performance since 2015; Antofagasta Minerals’ Centinela oxide operations, up 28.6% for their highest output since 2013; Glencore’s Lomas Bayas, which grew 13%; and BHP’s Spence mine, which rose 2.6% to an all-time high of 255,000 tons.
Teck’s Quebrada Blanca experienced the largest percentage growth, surging 222% to 207,000 tons. This was driven by the launch of Quebrada Blanca Phase 2 (QB2), the Canadian company's largest global mining project, inaugurated at the end of 2023. QB2 is expected to produce 320,000 tons annually over the next five years, far surpassing its previous record of 87,400 tons in 2009.
Despite this recovery, copper output remains below 2018’s peak of 5.8 million tons, having steadily declined until hitting 5.25 million tons in 2023, according to Álvaro Merino, executive director of Núcleo Minero.
Codelco's Production Trends
State-owned Codelco reported a slight increase of 0.3% in 2024, with production rising from 1.324 million tons in 2023 to 1.328 million tons. When factoring in its 49% stake in El Abra and 20% in Anglo American Sur, total output reached 1.422 million tons.
Growth at Codelco’s Andina (up 10.4%) and El Teniente (up 1.3%) helped offset declines elsewhere. Salvador experienced a 56% drop due to delays at the Rajo Inca project, while Gabriela Mistral fell 2.6% and other operations declined by 1.1%.
Though Codelco's output grew slightly, 2023 and 2024 marked its lowest production levels since 1997. “Today, the state-owned company produces only 128,000 tons more than in 1990,” Merino noted. Codelco aims to reach 1.7 million tons of copper by the end of the decade, matching its 2004 output levels.
