Chile's Copper Production Expected to Grow 5% in 2024, 6% in 2025

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Chile's minister of mines expects the country's copper output to increase in the next two years despite Codelco's (Santiago, Chile) production setbacks.

Aurora Williams, Chile's minister of mines, said last week in a presentation that the government expects national copper production to increase 5% this year to 5.51 million tons. For next year, Chile has projected an output boost of 6%.

These numbers emerge as Codelco has been facing production setbacks that have dropped the company's output to the lowest levels in decades. According to Cochilco's numbers, Codelco's copper output in the first quarter stood at 294,800 metric tons, compared to 326,300 metric tons during the same period in 2023.

This is the outcome of delays in its structural projects, which aim to raise the company's production and extend the lifespan of its assets, as well as accidents that have led to operational disruptions.

These production setbacks, however, have been offset by private companies that helped boost Chilean copper production to 1.286 million metric tons in the first quarter, compared to 1.248 million in first-quarter 2023.

Based on these projections, Williams expects Chile to produce one-quarter of the world's total copper output this year.

During her presentation, the minister also said that based on Cochilco's numbers, this year's copper price is projected to be US$4.3 per pound and with a global supply deficit of 364,000 tons. By next year, the copper price per pound is expected to drop to US$4.25 and the global deficit will be reduced to 278,000 tons.

"This is an interesting price for the development of the copper projects, but of course, the price is not everything. We have to complement this with a set of mining policies, which is our job, in order to effectively strengthen and develop the industry in our country," said Williams.

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