Chile is poised to reach a historic high in copper production by 2025, according to the latest projections from the state-run Chilean Copper Commission (Cochilco). The country is expected to produce a record 5.8 million tonnes of copper, marking a 6% increase from the 5.5 million tonnes anticipated this year.
This forecast signals a significant recovery for the Chilean copper industry, which has seen more than a decade of production averaging lower outputs. Joaquin Morales, vice president of Cochilco, highlighted this as the commencement of a recovery cycle, bringing a positive outlook after a period of decline.
Chile, which holds nearly a quarter of the global copper market share, has experienced a downturn in production over the past two years, largely due to project delays affecting the state mining giant, Codelco—resulting in its lowest output levels in 25 years.
The anticipated rebound in 2024 is largely attributed to increased production from Teck Resources' Quebrada Blanca mine, one of the few major copper mine expansion projects launched in the country in recent years. This development is expected to significantly contribute to meeting and possibly exceeding the projected production figures.
