SANTIAGO, April 23 (Reuters) -
Chile is expected to produce a record 5.8 million metric
tons of copper in 2025, the state-run Chilean Copper Commission
(Cochilco) said on Tuesday.
The projected output would represent a 6% increase from
the 5.5 million tons expected this year, according to a Cochilco
statement.
The forecasts for this year and next are above the
yearly average seen over the last decade and signal the
beginning of a "recovery cycle" for Chilean copper mines,
Cochilco's Executive Vice President Joaquin Morales said in the
statement.
Chile controls nearly a quarter of the global copper
market, but production has suffered in the past two years with
output from state-owned mining giant Codelco falling to its
lowest level in a quarter century amid project delays.
Morales credited the expected rebound this year to
production gains from Canadian miner Teck Resources' ( TECK )
Quebrada Blanca mine, followed by operations from Australia's
BHP Group ( BHP ).
Late last year, Tech Resources inaugurated its Quebrada
Blanca Phase 2 project, one of just a few large mine expansion
projects in recent years.