World’s Largest Copper Producer Targets to Boost Southeast Asia Footprints

SEATTLE (Scrap Monster): Chilean mining giant Codelco announced plans to expand its footprints in Southeast Asian region and penetrate further into the Indian market. The move is aimed at reducing the company’s reliance on China. Accordingly, the world’s largest copper producer plans to open a new office in Singapore during next month, which it believes will ensure easy access to clients in Vietnam, Malaysia and Thailand and push further into the Indian subcontinent.

RELATED NEWS:

Codelco Join Hands with Microsoft to Boost Digitization of Copper Mines

Chile's Copper Output to Witness 4% CAGR Growth

Commenting on the move, the company noted that the Southeast Asia along with India is poised to report the highest surge in copper consumption over the next couple of decades. The regions together represent only around 8% of global copper consumption, but the share is expected to touch 2% by 2040, said Carlos Alvarado, vice president, Codelco. It must be noted that China is currently the largest purchaser of Codelco’s copper.

Furthermore, the shift in markets is fuelled by the assumption that China is expected to reduce its dependence on imported refined copper, on account of anticipated rise in domestic smelting facilities over the next few years.

The Codelco’s commercial strategy also focus on strengthening copper supply to the U.S. and establishing long-term deals with customers in Europe as well as Asia.