Chile's copper production is expected to exceed 6 million mt in 2025 and rise to 6.58 million mt in 2033.

【Cochilco: Chile to Increase Copper Production by 6% Over the Next 10 Years】According to foreign media reports on January 15, the Chilean Copper Commission (Cochilco) stated on Wednesday that Chile will increase its copper production to 5.54 million mt by 2034, a 5.6% rise compared to 2023. (Webstock Inc.)

On May 28 (Wednesday), Chile's National Copper Commission (Cochilco) raised its average copper price forecasts for this year and next, citing improved global prospects following a temporary tariff agreement between China and the US. The commission increased its average copper price forecasts for 2025 and 2026 to $4.30 per pound, up from the previous estimate of $4.25 per pound in its February report. At a press conference, Cochilco's leadership expressed cautious optimism about the copper price outlook, while acknowledging that the global supply situation was tighter than expected and that demand fundamentals were strong. Cochilco stated that the agreement reached between the US and China earlier this month to reduce hefty tariffs for at least 90 days "significantly reduced trade barriers and eased tensions that had affected confidence and global trade dynamics." Cochilco also believes that long-term trends such as the energy transition, power grid expansion, EVs, and ESS will continue to support copper prices. In Q1, production increased at the world's largest copper producers, Codelco and Antofagasta Minerals. Cochilco reported that state-owned Codelco's production grew by 5.2% in April. Despite this, the increase in domestic production did not offset the global decline. Cochilco now expects global supply growth this year to be significantly lower than previously forecasted, at 1.3%, compared to the previous estimate of 4.7% growth. Victor Garay, Cochilco's Mining Market Coordinator, stated that in a market that is effectively balanced, any supply disruptions would directly impact prices. Additionally, Cochilco forecasts that Chile's copper production will increase by 3% this year and continue to rise by 3% in 2026, with an expected output of 5.84 million mt by then. The production guidance is lower than Cochilco's February forecasts, which projected growth rates of 4.6% for 2025 and 3.6% for 2026. Globally, Cochilco forecasts a copper supply deficit of 109,000 mt this year and a slight surplus of 19,000 mt in 2026, with demand expected to grow by 2.3% and 2.8% this year and next, respectively.

【Cochilco: Chile's Copper Production to Increase by Nearly 5% in 2024, Codelco's December Copper Production Up by Nearly 22%】According to foreign media reports on February 7, data released by the Chilean Copper Commission (Cochilco) on Friday showed that in 2024, copper production in Chile, the world's largest copper producer, increased by 4.9% to reach 5.5 million mt. (Webstock Inc.)

Cochilco siad that copper output at Codelco fell 14.8% to 105,400 mt in February, bring Chile's total copper output down by 3.4% year-on-year to 381,000 mt in the month.

Data released by the Chilean National Copper Commission (Cochilco) showed that Chile's copper production in January was 437,900 mt, a year-on-year increase of 2.9%, according to Mining.com citing Reuters.

According to data released by Cochilco, Codelco's copper production in March increased by nearly 15% year-on-year, rising to 123,200 tons.

According to foreign news released on May 3, Codelco said that Chile's copper output fell 4.7% to 436,000 mt in March.

According to foreign news on December 5, Chile’s National Copper Commission (Cochilco) said on Tuesday that Chile’s National Copper Company (Codelco) copper production fell 5.7% year-on-year to 128,000 mt in October.

According to foreign news on October 24, Cochilco released a report on Tuesday stating that mining costs for large copper mines in Chile continue to rise due to declining production and rising service costs.