On June 11 (Wednesday), the Chilean Copper Commission (Cochilco) stated that in April, Codelco's copper production increased 20.5% YoY to 114,600 mt.

Alejandro Tapi, the head of Escondida, the world's largest copper mine, stated at a Chilean investment conference held in New York on Thursday that Chile needs to make greater changes in regulation and law to boost investment. Chile is the world's largest copper producer, accounting for nearly a quarter of global copper supply in 2024. Miners complain about the country's lengthy and delayed regulatory procedures. With declining ore grades in the country and increasing global demand, substantial investment is needed to boost production and help offset global shortages. "A significant increase in copper demand could attract substantial new investment to Chile, provided we can ensure legal certainty, fiscal stability, and a modern, faster permitting system." "I want to outline the core message: by 2050, global copper demand will increase by 70% from current levels. If we want to seize this enormous opportunity, growth, permitting, and environmental legislation should be an urgent priority." He added, "This is a regulatory issue, and I believe we can improve it to unlock investment." Escondida, the world's largest copper mine, has announced that BHP will invest US$10 billion in the country if environmental permits are approved. BHP stated that it will commence a 10-year investment plan to optimize its concentrator with US$2 billion. According to data from Chile's National Copper Commission, Chile's copper production increased by 4.9% to 5.5 million mt in 2024. Escondida produced 1.28 million mt in 2024. BHP stated that global copper demand was 31 million mt in 2023 and is expected to increase by 1 million mt annually until 2035. The Chilean Congress is passing a bill that will expedite several permitting procedures.

BHP initiated the upgrade investment plan for the Escondida copper mine this year. BHP applied for preliminary permits in February and is expected to invest up to $14.7 billion over approximately 10 years.

[BHP's Copper Production Rose 17% in Q4 Last Year, Iron Ore Production Increased Slightly] According to Mining.com citing Reuters, BHP Group announced on Tuesday that its iron ore production increased slightly in Q4 last year, while copper production surged by 17% due to improved operations at the Escondida copper mine in Chile.

[LME closing on August 16: mixed performance in metals, with copper futures falling due to eased supply concerns] LME copper futures fell on Friday as mining group BHP Billiton said it had reached an agreement with the union to resolve the strike at the Escondida copper mine in Chile, easing concerns about global supply, but the union declined to comment. (Wenhua Finance)

On August 18, 2024, the labor union of the Escondida copper mine warned that if BHP fails to quickly adjust its position in contract negotiations, there may be another strike later.