According to the state-run Chilean Copper Commission (Cochilco), Chile is projected to achieve a record copper production of 5.8 million metric tons in 2025, representing a 6% increase from the expected 5.5 million tons in the current year.
The forecasts for 2025 and the current year surpass the yearly average seen over the last decade, signaling the commencement of a “recovery cycle” for Chilean copper mines, as stated by Cochilco’s Executive Vice President Joaquin Morales.
Chile holds nearly a quarter of the global copper market, and while production has faced challenges in the past two years, output from the state-owned mining giant Codelco has declined to its lowest level in a quarter century due to project delays.
Morales attributed the anticipated rebound in production this year to gains from Canadian miner Teck Resources’ TECKb.TO Quebrada Blanca mine, followed by operations from Australia’s BHP Group BHP.AX.
In late 2024, Teck Resources launched its Quebrada Blanca Phase 2 project, which stands as one of the few large mine expansion projects in recent years.
The positive outlook for Chile’s copper production reflects a promising trajectory for the industry, with the potential for increased output and a significant impact on the global copper market.