Chile’s major copper producer, Codelco, plans a significant shift in its copper concentrate sales to Chinese buyers starting in 2025. Instead of just selling copper concentrate, Codelco will include intermediate copper products like blister and anode, allowing further processing into copper metal or cathode.
While this new approach aims to enhance their product offerings and meet copper deficits, some Chinese clients are raising objections, necessitating new contract negotiations.
Codelco’s production challenges and uncertainties about meeting existing commitments drive this strategic shift in sales approach.
This move comes amidst growing concerns, including an investigation into Codelco’s corporate structure and project delays by Chile’s congressional committee.
China, a major global copper purchaser, is highly reliant on copper imports, making this shift and the impending copper concentrate deficit significant.