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2026-09-18 00:44:11
[Chilean Finance Minister: Copper Production Expected to Decline 7% This Year, Recovery May Take Two Years] Chile, the world's largest copper supplier, is likely to see its copper production slump continue throughout 2026, with expectations of a second-half recovery failing to materialize. Finance Minister Jorge Quiros stated that copper production is expected to decline by an average of 7% this year, far exceeding the 2.6% (5.27 million tons) decline previously predicted by the official agency Cochilco. He pointed out that due to factors such as the operational difficulties of state-owned enterprise Codelco, aging assets, and declining ore grades, a full recovery in production may take approximately two years. Although a 5.2% rebound to 5.55 million tons is projected in 2027, next year's growth will not be sufficient to offset all of this year's losses. Analysts at BTG Pactual warn that the market is overly focused on tariffs while ignoring the geological deterioration and potential disruption risks behind Chile's share of global supply, a structural production reduction that is exacerbating the tight supply situation in the global copper market.
