Chile’s copper output increased by 2.6pc to 470,600mt in April from 458,600mt during the same month last year, driven by higher output from Codelco’s mines, BHP Billiton’s Escondida mine, and the Collahuasi mine.
Codelco produced 133,300mt in April, rising by 2.7pc on an annual basis from 129,700mt, according to the latest data released by the Chilean Copper Commission (Cochilco).
BHP’s Escondida mine increased production in April by 11.4pc to 102,600mt from 92,1000mt a year ago, while the Collahuasi mine, a joint venture between Anglo American and Glencore, substantially hiked its copper production by 45.8pc to 54,100mt from 37,100mt in April 2019.
However, production at the Los Pelambres copper mine fell by 6.3pc to 31,200mt in April from 33,300mt a year ago. Anglo American’s Sur mine also saw a decline in production, falling by 19.3pc to 28,400mt from 35,200mt during the same period, according to Cochilco figures.
Chile’s copper production is expected to reach 5.87mn mt this year, while production in 2021 is anticipated to rise on an annual basis by 0.7pc to 5.91mn mt, stated Cochilco.
Chile lowered its price guidance for copper by 45¢/lb to $2.40/lb due to COVID-19’s impact on the national copper industry. Copper prices reached $2.57/lb on June 9, increasing by 0.38pc from a day earlier, according to Cochilco.