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.