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Chile sees record copper production next year
Apr 23, 2024 2:13 PM

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.

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