en.Wedoany.com Reported - The world's largest copper producer, Codelco, plans to increase its total copper production budget to 1.5 million metric tons by 2027. The target for its own mine production is 1.37 million metric tons, higher than the estimated 1.34 million metric tons for 2026. This figure also includes the company's share in operations where it holds a minority stake but does not directly operate. This production target was disclosed to the media by individuals familiar with the forecast. The official production guidance for 2027 has not yet been publicly released.

In recent years, Codelco's copper production has been consistently affected by aging deposits, declining ore grades, cost overruns, and delays in structural projects. Bloomberg Intelligence analyst Grant Sporre stated: "If Codelco manages to squeeze out a few more tons and Escondida’s grade does decline according to the mine plan, Codelco could take top spot again." BHP operates the world's largest single copper mine, Escondida. If Codelco can add extra tonnage, it could potentially replace BHP as the world's leading copper producer.

For 2026, the company still uses 1.344 million metric tons as its reference production figure. In the first quarter of 2026, production from mines operated by Codelco reached 271,300 tons, a decrease compared to the same period last year, partly due to planned maintenance and operational adjustments. Chairman of the Board Máximo Pacheco aims to restore the company to pre-pandemic levels and achieve a production of 1.7 million tons by the end of the decade. To maintain this trend, Codelco has implemented management changes and project leadership adjustments, including greater decentralization of operational leadership, to address delays and control costs.

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