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
Gold buy
Period: 31.01.2026 Expectation: 150 pips
Buying gold on dips with $4,500 target
30 December 2025 300
Period: 06.01.2026 Expectation: 2900 pips
Tesla stock selloff on forecasts of declining deliveries and earnings
30 December 2025 140
Lyra_Moonwell1
Lyra_Moonwell1

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
Period: 16.01.2026 Expectation: 1000 pips
AUDUSD is consolidating ahead of renewed upside
30 December 2025 128
Period: 06.01.2026 Expectation: 3125 pips
Selling BTCUSD due to lack of momentum after December consolidation
30 December 2025 84
Period: 15.01.2026 Expectation: 100 pips
Investing in SPX from $6,870
30 December 2025 95
Period: 09.01.2026 Expectation: 7500 pips
Silver rally stalls as prices push past $80
29 December 2025 143
Go to forecasts