Chile's Copper Output to Witness 4% CAGR Growth

SEATTLE (Scrap Monster): The latest report published by the leading data and analytics company GlobalData suggests notable growth in copper production by Chile over the coming years.

The copper output by the country is expected to post year-on-year growth by 3.7% during the current month to total 5,957.1 kt. The production is expected to touch 6,702.8 kt by 2024, growing at a compound annual growth rate (CAGR) of approximately 4%. Nearly 20 projects are expected to commence operations during this period, out of which seven are already under construction.

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According to Vinneth Bajaj, Associate Project Manager at GlobalData, Chile was successful in averting a full-scale lockdown as seen in neighboring Peru. However, operational disruptions on account of Covid-19 protocols impacted the progress of developments in 2020. For instance, Codelco had to halt construction activities at Chuquicamata and El Teniente. Also, Teck Resources had to suspend construction activities at Quebrada Blanca Phase 2, he cited.

The lower production from Escondida mine led to nearly 4% dip in copper production by BHP in 2020. Meantime, the Q3 mine production from Escondida reported year-on-year decline by 3%.