Chile’s copper production fell by 0.7pc to 457,100mt in January, from 460,100mt in January 2019, due to lower production from Los Pelambres, Escondida, and Spence, the Chilean Copper Commission (Cochilco) indicated.
BHP Billiton’s Escondida mine’s output fell by 16.1pc to 84,700mt in January from 100,900mt in the same month of the prior year, and Los Pelambres copper production went down by 3.4pc to 28,800mt from 29,800mt during the same time frame.
The Esperanza mine’s output fell by 6.4pc to 16,000mt in January, from 17,100mt in the same month of 2020, and Spence’s production declined by 21.6pc to 11,600mt from 14,800mt, Cochilco noted.
Codelco, the world’s biggest copper producer, however, increased its production by 19.4pc to 142,000mt in January, from 118,900mt in the same month of 2020, due to higher production from its mines Chuquicamata and El Teniente mines, according to Cochilco data.
Collahuasi’s copper production rose by 6.5pc to 57,000mt in January, from 53,500mt in the same month of the prior year, and increased at Anglo American Sur by 14.1pc to 28,300mt from 24,800mt during the same period.
Chile, the world’s largest copper producer, increased its annual price guidance for copper to $3.30/lb. Chile’s copper production is also expected to increase by 3.6pc to 6mn mt this year, while copper output will reach 6.1mn mt in 2022, Cochilco added.
Copper prices reached $3.98/lb on Thursday, March 4, down by 5.17pc compared to the prior day, according to Cochilco data.