Cochilco forecasts Chile’s copper output to increase by 22.6pc in 2020-2031 decade from the real output in 2019, according to local media. Chile’ Copper Commission (Cochilco) estimates the country copper production to reach 7.095mn mt by 2031 with an average annual growth of 1.7pc.
Copper production is expected to hit a peak of 7.35mn mt in 2028, according to Cochilco’s Directorate of Studies and Public Policies’ outlook report issued on Dec 29.
Some displacement in production caused by the COVID-19 pandemic has influenced Cochilco’s assumptions on current operations and on projects in the pipeline. By 2031, the report expects current operations’ fine copper output to decline to 3.99mn mt, a drop of 31pc from 2019 and emphasis the need for new projects in Chile.
Chile is the world’s top producer of copper with a total mined copper output of 5.6mn mt in 2019.