Escondida copper output at BHP and Codelco is up in October.

Data from the copper commission Cochilco on Tuesday showed that Chile's state copper miner Codelco posted flat production in the month of October, compared with the same period last year, while BHP's Escondida mine, the largest copper mine in the country, saw its output increase by more than a fivefold.

Codelco, which is the world's biggest copper producer and is trying to boost its declining production, reported a total production of 127.900 metric tonnes, unchanged from the previous year.

The company's production, which excludes minority stakes in Freeport McMoRan El Abra, and the local Anglo American unit, was 119.900 tons. This represents a 0.5% rise from the previous year.

According to an internal document seen by us, the figure is 2.9% higher than a target of 116.500 tons set by Codelco for its 2024 plan.

Reports last month indicated that an internal Codelco memo also showed that the output for October would be higher than its target.

In an effort to boost output after a 25 year low, the company is looking to increase production in order to meet annual targets.

The data revealed that copper production at BHP's Escondida mine increased by 22% in the last month, reaching 108,000 tons. Meanwhile, at the Collahuasi Mine, run jointly by Glencore and Anglo American miners, production fell almost 10%, totaling 49,500 tonnes.

Total production in Chile increased 6.4% between October 2023 and 488,900 tonnes. Reporting by Fabian Andres Cambero, Daina Beth Solon; Editing by Anthony Esposito and Brendan O'Boyle. Sandra Maler is the editor.

(source: Reuters)