Mining in Chile Market Players Analysis¶
Products and Services¶
This report details the top 10 key players in the mining industry in Chile, focusing on their main products, recent performance in terms of volume and revenue, and observed growth or decline based on the provided data for 2024 and projections for 2025.
Codelco: As Chile's state-owned copper mining company and the world's largest copper producer, Codelco's main product is copper. The company reported total copper production (including JVs) of 1.442 million tonnes in 2024, with its own production at 1.328 million tonnes. This indicates a slight increase in production in 2024, breaking a trend of decline in previous years. The company targets a production of 1.391 million tonnes in 2025, suggesting an expected growth. Codelco's revenue was US$17.0 billion in 2024, with US$12,315 million in the first nine months of 2024. Expected operating revenue for 2025 is projected at US$22.23 billion, indicating anticipated revenue growth. Codelco is investing in structural projects to address lower ore grades and revamp mines.
BHP: A global resources company with significant copper operations in Chile, BHP's main product in the country is copper, primarily from Minera Escondida and the Pampa Norte operations (Spence and Cerro Colorado). Escondida, the world's largest copper mine, produced 1.278 million tonnes of copper in 2024, showing significant production growth in the year. Production at Spence also increased in 2024. Global revenue for BHP was US$59 billion for the year ending June 30, 2024, though specific revenue for Chilean operations is not detailed in the provided data.
Anglo American: This global mining company has a substantial presence in Chile's copper and other mineral sectors. Their main products in Chile are copper and other minerals extracted from mines like Los Bronces, El Soldado, and Chagres, and their stake in the Collahuasi copper mine. Attributable copper production from Chile was 112,600 tonnes in the first nine months of 2024. Global copper production reached 773,000 tonnes in 2024. Production in Chile was impacted in 2024 by factors including lower grades at Los Bronces. Global copper revenue was US$7.57 billion in 2024, and total global revenue was US$28.6 billion, which includes operations outside Chile. The company is investing in expansions at key operations.
Collahuasi: A major copper mine in northern Chile, Collahuasi's main product is fine copper. It is a joint venture between Anglo American, Glencore, and Japan Collahuasi Resources. The mine produced 558,611 tonnes of fine copper in 2024, reporting solid operational results. Revenue from concentrate sales in 2024 was US$4,818.7 million, indicating solid financial performance. Collahuasi is investing in growth and efficiency projects to increase processing capacity, suggesting an aim for future volume growth.
Antofagasta Minerals: A Chilean-based international mining group, Antofagasta Minerals' activities are primarily focused on copper production from its four operations: Los Pelambres, Centinela, Antucoya, and Zaldívar. Total copper production was 223,800 tonnes in 2024. The company expects group copper production of 660,000 to 700,000 tonnes in 2025, indicating a significant projected increase in volume. Revenue was US$6.6 billion in 2024, with revenue from the mining division at US$6,418.5 million, reporting strong financial performance and increased revenue in 2024. They are focused on investing in profitable growth projects.
Lundin Mining: A diversified base metals mining company with a significant presence in Chile, Lundin Mining's key assets in the country are in the copper sector (Candelaria district and Caserones mine). Total company copper production was 369,067 tonnes in 2024, achieving record global copper production. Annual revenue from all operations was US$4.1 billion in 2024. While specific Chilean production and revenue figures are not isolated in the provided data, the company's overall record production suggests a positive trend for its copper operations which include those in Chile.
Rio Tinto: A leading global mining group with a key investment in Chile's Escondida copper mine (30% ownership), Rio Tinto's main product related to its Chilean interest is copper. Mined copper production on a consolidated basis was 697,000 tonnes in 2024, though this includes operations outside Chile. Global sales revenue was US$53.66 billion in 2024. Rio Tinto's stake in Escondida contributes to its global copper production, which saw little change in production year-on-year according to one source, but given Escondida's reported growth, their attributable volume from Chile would likely show an increase.
Glencore: A major global diversified natural resource company with significant mining assets in Chile, Glencore's presence is notable through its 44% ownership in the Collahuasi copper mine and operation of the Lomas Bayas copper mine. Copper is their main product in Chile. Collahuasi production (44% attributable to Glencore) was 558,611 tonnes in 2024. Specific production and revenue data for Glencore's operations solely in Chile for 2024 are not detailed in the provided sources, but their share in Collahuasi indicates a stable volume contribution from that major mine.
Freeport-McMoRan: A major international mining company with a focus on copper, gold, and molybdenum, Freeport-McMoRan's main asset in Chile is a 51% ownership stake in the El Abra copper operation. El Abra copper production was 98,414 tonnes in 2023 (51% attributable). 2024 production data for El Abra was not explicitly found in the provided sources. Global EBITDA was US$8.293 billion in 2024. Based on the available data, it is difficult to determine the growth or decline in volume and revenue specifically for their Chilean operations in 2024.
CAP S.A.: A Chilean holding company with important interests in the mining sector, CAP S.A.'s mining focus is primarily on iron ore through its subsidiary, Compañía Minera del Pacífico (CMP). While specific 2024 production volumes and total revenue for mining in Chile are not readily available in the provided sources, CAP S.A. is recognized as a top company in the Chilean mining sector by Revenue Per Share in 2023 (US$19.84). Given their primary focus is iron ore, their trends would follow that market, but specific growth/decline data for 2024 is not provided.
Comparative Table Showing Volume and Revenue Trends (2024/2025 Outlook)
| Player Name | Main Product(s) | 2024 Volume Estimates (Tonnes) | 2025 Volume Estimates (Tonnes) | Volume Trend (2024 vs Prior/2025 Outlook) | 2024 Revenue Estimates (US$) | 2025 Revenue Estimates (US$) | Revenue Trend (2024 vs Prior/2025 Outlook) |
|---|---|---|---|---|---|---|---|
| Codelco | Copper | 1.328 million (own) | 1.391 million | Growth (vs prior years), Expected Growth | 17.0 billion | 22.23 billion | Growth, Expected Growth |
| BHP | Copper | 1.278 million (Escondida) | Not specified | Growth | Not specified (Chile) | Not specified | Not specified |
| Anglo American | Copper | 112,600 (Chile, 9 months) | Not specified | Decline (vs prior year) | 7.57 billion (Global Copper) | Not specified | Growth (Global Copper Revenue) |
| Collahuasi | Copper | 558,611 | Not specified | Solid Production (Growth projects) | 4,818.7 million | Not specified | Solid Financials |
| Antofagasta Minerals | Copper | 223,800 | 660,000 - 700,000 | Growth (Expected Significant Growth) | 6.6 billion | Not specified | Growth |
| Lundin Mining | Copper, Zinc | 369,067 (Total Copper) | Not specified | Record Global Production (Positive Trend) | 4.1 billion (Total Company) | Not specified | Positive |
| Rio Tinto | Copper | 697,000 (Global Mined) | Not specified | Little Change (Global), Likely Growth (Chile attributable) | 53.66 billion (Global Sales) | Not specified | Growth (Global Sales) |
| Glencore | Copper | 558,611 (Collahuasi 44%) | Not specified | Stable (Collahuasi) | Not specified (Chile) | Not specified | Not specified |
| Freeport-McMoRan | Copper | Not explicitly found (2024) | Not specified | Not specified | 8.293 billion (Global EBITDA) | Not specified | Growth (Global EBITDA) |
| CAP S.A. | Iron Ore | Not explicitly detailed | Not specified | Not explicitly detailed | Not explicitly detailed | Not specified | Not explicitly detailed |
Note: Volume and revenue figures are based on the provided data and may represent total company figures rather than solely Chilean operations where specified. Trends are inferred from the provided context and data points.
References¶
- Codelco. (2024, October 30). SEPTEMBER 2024 RESULTS.
- Codelco. (2025, March 28). DECEMBER 2024 RESULTS.
- Codelco. (2024, December 12). Codelco vuelve al top ten y es la minera con mejor reputación de Chile.
- Anglo American. (2025, February 25). Anglo American FY 2024 Results.
- Antofagasta. (2025, February 18). FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024.
- International Mining. (2025, April 4). Collahuasi's solid 2024 results plus growth & efficiency plans.
- Portal Minero. (2025, February 10). Producción chilena de cobre crece 4,9% en 2024, quebrando tendencia a la baja de los últimos cinco años.
- Ascorp. (2024, July 4). 10 EMPRESAS MINERAS en Chile | Minería del Cobre.
- Plusmining. (2025, February 12). Codelco managed to halt production decline in 2024, but its gap with Escondida shrinks to a historic low.
- The Rio Times. (2025, March 31). Codelco Ends 2024 with Financial Gains but Faces Long-Term Pressures.
- Webstock Inc. (2025, February 7). Chile's Codelco copper company aims to produce 1.391 million mt of copper in 2025.
- Reuters. (2025, February 10). Chile's Codelco targets 1.391 million tons of copper output in 2025.
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- Rio Tinto. Rio Tinto releases first quarter production results | Global.
- PwC. (2024, July 4). Ingresos de las 40 mayores mineras globales caerán por segundo año consecutivo a US$ 793 mil millones - Reporte Minero | El portal de minería en Chile.
- PwC. Las 40 principales mineras tendrán beneficios por US$ 55 mil millones en 2024 - PwC.
- PwC. Ingresos de las 40 mayores mineras globales caerán por segundo año consecutivo a US$ 793 mil millones, según estudio Mine 2024 de PwC.
- Global Business Reports. CHILE MINING 2024.
- Consejo Minero. Cifras actualizadas de la minería - Consejo Minero.
- Cochilco. Observatorio de Costos. Primer semestre de 2024.
- EY. (2025, February 28). Chile’s mining and metals investment guide 2025 | EY.
- Global Business Reports. CHILE MINING 2024.
- Capstone Copper. (2025, February 19). Capstone Copper Reports Fourth Quarter 2024 Results.
- Botswana Stock Exchange. (2024, February 8). Q4 2023 Anglo American Production Report.
- Lundin Mining. (2025, February 19). Lundin Mining Fourth Quarter and Full Year 2024 Results.