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Bloomberg
Chilean copper production is expected to recover from the leanest January in more than a decade to register a similar annual haul as last year, according to the president of the country’s mining society.
The world’s biggest supplier saw output slide 7.5% from January 2021, with lower ore quality and water scarcity among the reasons. In some cases, the factors holding back output are temporary, said Diego Hernandez, a former chief executive of Codelco and Antofagasta Plc, who now heads Sonami.
“This year should be the same as last year or maybe slightly less,†he said in a telephone interview on Thursday.
That’s good news for a global market characterized by low stockpiles and surging prices, which has been further rattled by the fallout from Russia’s invasion of Ukraine. Chile accounts for more than a quarter of global supply. While Chilean production is set to rise next year when Teck Resources Ltd. brings an expansion on stream, there’s a dearth of major developments beyond that.