Chile copper production has fallen again from 464,311 tonnes in October 2023 compared to 485,447 tonnes produced in October 2022, according to Chile’s National Institute of Statistics.
Chile is the world’s largest copper producer in the world, with 29% of global supply, but the trend of production has continued to fall since highs in 2019.
The state-owned Codelco — the largest copper company in the world — warns problems of water restrictions due to drought, operational delays, falling ore quality, as well as community concerns may worsen. The company sees output falling 7% this year, to between 1.35 million and 1.42 million metric tons at its wholly owned mines in 2023.
The fall comes as the mining contract for one of the largest copper mines in the world is ruled unconstitutional in Panama.
We expect the global supply of copper, essential for a host of industries and crucial to green technology and the global energy transition, to face a supply gap of nearly 10 million mt within the next ten years, according to our latest report.