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Chile’s copper export revenue jumped in December, despite lower prices for the metal, indicating that mines in the top-producing country extended a recovery from the lowest levels in two decades.
The sales were up 10% from November and 13% compared with the same month a year earlier, at $4.66 billion, according to data released Tuesday by Chile’s central bank. The increase comes despite average monthly prices continuing to decline — to $4.16 a pound in December from a peak of $4.73 in May.
Supply from a country that accounts for a quarter of global output is recovering as state-owned Codelco finally begins to see the benefit of major investments and Teck Resources Ltd.’s ramps up an overhauled mine.
(By James Attwood)
Read More: Codelco’s copper production edges higher in 2024
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