CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
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’ Quebrada Blanca mine, followed by operations from Australia’s BHP Group.
Late last year, Tech Resources inaugurated its Quebrada Blanca Phase 2 project, one of just a few large mine expansion projects in recent years.
(By Fabian Andres Cambero; Editing by Gabriel Araujo)
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