Copper giant Peru foresees another production plateau in 2025
Peru's top mining association SNMPE expects the country's 2025 copper output to hit around 2.8 million metric tons, matching 2023.
Reuters reports that force majeure was lifted at Escondida on Friday at Escondida, the world’s largest copper mine.
The Chilean mine, whose majority owner is BHP Billiton, was under force majeure on July 27 after a union strike.
Force majeure is a clause in legal contracts that frees a party from meeting its obligations due to events beyond its control, such as strike or civil unrest or extreme weather.
Escondida is the world’s largest source of copper and one of the lowest cost producers. Escondida ore is produced from two open pits producing 370 million tonnes of material per year. Production began in 1990, and since October 2005 Minera Escondida also operates Escondida Norte, which is a second open pit located 5 km from the main pit.
Ownership is 57.50% for BHP Billiton, 30% for Rio Tinto, 10% for JECO, and 2.5% for IFC.
Image of Escondida mine is from InfoMine.
