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Released April 16, 2024 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Despite the challenges faced by Codelco (Santiago, Chile), Chile's copper production remained robust in February, demonstrating the country's resilience in maintaining a steady supply.
Chile's copper regulator, Cochilco, said on Friday that the South American country registered an output of 417,000 metric tons of copper, about 9.8% more than during the same period last year. This is the second consecutive month in 2024 where Chile scored a higher copper output than last year.
These numbers emerge even as Codelco, the state copper mining company and the country's largest producer, continues to face output setbacks for the second month this year. The miner's output of 97,100 metric tons in February represented a drop of 1.1% year on year.
In the first two months of 2024, Codelco's output has dropped 9.1% compared to January and February 2023.
The mining company has been experiencing production setbacks in the last few years due to delays in its structural projects and lower production grades from its operational mines. Last year, the company had output of 1.32 million metric tons, the lowest volumes since 1997, according to data from Cochilco.
The Chilean miner expects to return to its previous output of 1.7 million metric tons per year by 2030 with the completion of some of its structural projects, aimed at boosting current output.
Other key players in the industry stepped up production in February, showcasing the industry's adaptability and its potential to offset some of Codelco's losses.
Chile's robust copper output is further bolstered by the recovery of copper prices. On April 12, copper prices closed at US$4.24 per pound, the highest since June 2022, signaling a positive trend and a solid demand for the red metal.
The transition to cleaner energies and operational setbacks in some mines is prompting demand and boosting prices.
Last year, the closure of the Cobre Panama mine in Panama was an example of that. First Quantum's (Vancouver, British Columbia) asset in the South American nation was shut down following national protests against the contract signed between the government and the company, leading to the cease-of-operation in one of the world's biggest copper assets and reducing global supply. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the plant profile.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Chile's copper regulator, Cochilco, said on Friday that the South American country registered an output of 417,000 metric tons of copper, about 9.8% more than during the same period last year. This is the second consecutive month in 2024 where Chile scored a higher copper output than last year.
These numbers emerge even as Codelco, the state copper mining company and the country's largest producer, continues to face output setbacks for the second month this year. The miner's output of 97,100 metric tons in February represented a drop of 1.1% year on year.
In the first two months of 2024, Codelco's output has dropped 9.1% compared to January and February 2023.
The mining company has been experiencing production setbacks in the last few years due to delays in its structural projects and lower production grades from its operational mines. Last year, the company had output of 1.32 million metric tons, the lowest volumes since 1997, according to data from Cochilco.
The Chilean miner expects to return to its previous output of 1.7 million metric tons per year by 2030 with the completion of some of its structural projects, aimed at boosting current output.
Other key players in the industry stepped up production in February, showcasing the industry's adaptability and its potential to offset some of Codelco's losses.
Chile's robust copper output is further bolstered by the recovery of copper prices. On April 12, copper prices closed at US$4.24 per pound, the highest since June 2022, signaling a positive trend and a solid demand for the red metal.
The transition to cleaner energies and operational setbacks in some mines is prompting demand and boosting prices.
Last year, the closure of the Cobre Panama mine in Panama was an example of that. First Quantum's (Vancouver, British Columbia) asset in the South American nation was shut down following national protests against the contract signed between the government and the company, leading to the cease-of-operation in one of the world's biggest copper assets and reducing global supply. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the plant profile.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
