26 January 2023 | Other

Copper production in Chile will grow more slowly in the coming years

Reuters has published a government report stating that the growth of copper production in Chile will be slower than previously expected. The country is the world's largest copper producer.

The report indicates that the peak of production is 7.14 million tons. It will be possible to reach this level by 2030 – 2 years later than previously expected. The reason for that will be delays in a number of mining projects.

A year ago, the peak value was 7.62 million tons by 2028, which is much higher than the current level.

The report says that many important projects did not progress in engineering or environmental terms during the pandemic. It also says that the forecast is significantly lower than in previous years.

Weak production growth in Chile could support the global copper price. In addition, protests in Peru have led to production cuts at its major mines. The country is the world's second-largest copper producer.

In 2022, Chile's copper production was 5.345 million tons. Despite an expected slowdown in production growth, the report predicts growth to 5.467 million tons this year and to 5.891 million tons in 2024.

Company MarketCheese
Period: 08.07.2025 Expectation: 1500 pips
EURUSD rally faces potential correction toward 1.165
Yesterday at 06:46 AM 47
Period: 09.07.2025 Expectation: 1400 pips
USDCAD declines amid US dollar weakness and improving Canadian trade prospects
Yesterday at 06:07 AM 34
Period: 08.07.2025 Expectation: 3000 pips
Buying Bitcoin during consolidation before July growth wave with 110,000 target
01 July 2025 60
Period: 07.07.2025 Expectation: 2000 pips
Renewed tensions between Musk and Trump weigh on Tesla shares
01 July 2025 50
Period: 07.07.2025 Expectation: 1900 pips
SPX may retreat to 5,980 following all-time high
30 June 2025 56
Gold sell
Period: 04.07.2025 Expectation: 5000 pips
Gold's six-month uptrend is under threat as prices test 3250 level
30 June 2025 174
Go to forecasts