The hottest major commodity of 2020 is getting even hotter, with iron ore boosted by news that one of the world's biggest producers will not meet its output targets this year.

The confluence of factors turning producers into cash machines is also emboldening workers in Chile, raising the risk of stoppages in a hectic period.

Company expects to produce 300-305 million tonnes this year, missing a previously lowered 2020 target of at least 310 million tonnes.

The outlook comes shortly after a collective agreement was made with all unions representing employees at the Candelaria mine who went on strike.

Alacrán is part of the larger San Matías project in Colombia.

Minera Centinela produced 276,600 tonnes of copper in 2019.

An NI 43-101 report for the Taca Taca project outlined a maiden mineral reserve estimate of 7.7Mt contained copper.