en.Wedoany.com Reported - Chile's state-owned copper company, Codelco, holds a significant position in the global rhenium market, with its rhenium production accounting for 10% of the world's total, approximately 5 tons per year.
Rhenium is one of the rarest minerals on Earth, with global annual production of pure metal reaching only 60 tons, corresponding to a market size between $200 million and $250 million. Of this total output, Chile contributes 50%, with Codelco alone accounting for 10%. Compared to the global annual production of 23 million tons of copper ore, 300,000 tons of pure molybdenum, or 4,000 tons of pure gold, the rhenium market is extremely small. This low supply is because rhenium is not directly mined but is primarily obtained as a by-product of molybdenum.
Codelco extracts rhenium from concentrates at its Chuquicamata, El Teniente, Andina, and Salvador divisions, and processes it at its subsidiary Molyb's facility in Mejillones. Products are mainly sold to customers in North America (50%), China (28%), and Europe (22%).
Codelco's Vice President of Marketing, Braim Chiple, stated that the company's rhenium production demonstrates its ability to diversify its product portfolio, meeting the needs of global strategic industries and ensuring Chile continues to be a reliable supplier of critical minerals. In addition to rhenium, Codelco also extracts and sells by-products such as molybdenum, gold, silver, and sulfuric acid. The executive added that these products create new revenue streams for the company, expand its supply range, and transform waste into value, reinforcing its commitment to sustainable development.
Rhenium has an extremely high melting point and resistance to extreme temperatures, making it an indispensable raw material in high-tech demanding industries. Global demand is primarily concentrated in the aviation industry, which consumes approximately 80% of the world's rhenium for manufacturing superalloys used in commercial and military aircraft turbines. According to Angelo Rabagliati, By-Product Marketing Manager, thanks to rhenium, engines achieve higher energy efficiency, extend component lifespan, and improve operational safety under extreme conditions. Additionally, rhenium is used in refining catalysts for the petroleum industry, as well as in specialized applications for medical devices and scientific equipment.
Codelco's presence in the rhenium market not only consolidates its international position but also opens opportunities for innovative production processes and value creation in highly specialized fields. With the gradual recovery of international air traffic and the development of more efficient engines, the strategic importance of rhenium will become more prominent in the medium to long term, presenting growth opportunities in the market in the coming years. Due to highly concentrated production—besides Chile, rhenium is also produced in the United States, Poland, China, and some Central Asian countries—and its difficulty to substitute in critical applications, rhenium has been classified as a strategic or critical mineral by multiple jurisdictions. In this context, Chile's participation in the global rhenium market constitutes a strategic asset, consolidating its position as a reliable supplier of critical minerals needed for the global technological transition.
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