In the near future, it is predicted that BHP Group will become the new leader in the global copper industry, surpassing Codelco as the top producer. This is thanks to increased production at its Escondida mine in Chile, which is expected to continue ramping up.
According to Bloomberg Intelligence analyst Grant Sporre, as long as BHP’s Escondida mine continues to produce at an impressive rate, Codelco will be displaced from its long-standing position as the number one copper producer this year. However, Codelco is not ready to give up just yet and is expected to make a comeback in the future as it works to overcome delays and challenges at its projects.
Despite BHP’s imminent rise to the top of the global copper industry, Codelco remains a formidable competitor and is likely to regain the number one spot in the coming years. The competition between these two industry giants promises to keep the copper market dynamic and exciting in the foreseeable future.
