Chile copper output up 1H 2025 on Codelco, BHP gains

BHP

Chile copper output up 1H 2025 as state and private miners lift production. Chile copper output up 1H 2025 reached 2.65mn t on stronger grades and throughput. As a result, Chile copper output up 1H 2025 underscores the country’s stabilizing mine performance.

Production leaders and laggards

Codelco led growth with a 9.6pc increase to 688,700t in January–June. Chuquicamata, Radomiro Tomic and Ministro Hales rose 12.6pc to 321,400t. El Teniente advanced 15.8pc to 172,000t on steady operations. However, Andina fell 10.6pc and Gaby dropped 24.3pc. These offsets tempered, but did not derail, national gains.

BHP’s Escondida strengthened output by 10.7pc to 680,100t. Higher ore grades supported the improvement despite cost pressures. Meanwhile, Collahuasi declined by a third to 189,500t on lower-grade stock processing. Los Pelambres slid 8pc to 148,700t, and Anglo American Sur fell 15.9pc to 102,300t.

Outlook and market implications

Chile’s first-half total rose 2.6pc to 2.65mn t, signaling gradual recovery. Therefore, supply risks eased even as some assets faced grade challenges. Stronger Codelco and Escondida volumes stabilize concentrate flows and cathode supply. However, weaker Collahuasi and Los Pelambres highlight persistent variability.

Traders should watch grade trends and maintenance schedules through the second half. As a result, TC/RC dynamics and premiums may stay rangebound. Smelters could see steadier feed, while OEMs gain planning visibility. Yet, regional weather, labor, and permitting remain key swing factors.

The Metalnomist Commentary

Chile’s diversified asset base is cushioning grade headwinds. If Codelco sustains El Teniente and Chuquicamata gains, 2025 guidance looks safer. Watch Collahuasi’s ore blend and Escondida’s grade profile for second-half direction.