Chile lowers copper production expectations, expecting production to reach 5.54 million tons in the next ten years.

Chile has lowered its future copper production forecast for the next decade, adopting a more conservative approach, which may lead analysts to adjust their global supply models accordingly. According to a study released by Chile's National Copper Commission Cochilco on Wednesday, the largest copper-producing country currently expects production to reach 5.54 million tons by 2034. This is only slightly higher than last year's production and lower than the agency's prediction of 6.43 million tons a year ago. The revision of nearly 900,000 tons in long-term forecasts is equivalent to the output of three to four large mines. Mining Minister Aurora Williams stated on Wednesday that the significant difference from last year's forecast is due to the use of a "more realistic" calculation method for project development. The discovery and development of new deposits are becoming increasingly difficult as many rich shallow mines have already been exploited, and environmental and community requirements are becoming stricter. Despite the impact of the calculation method, Cochilco forecasts that due to the global decline in copper production, Chile's share of global copper production will increase from the current 24% to around 27% over the next decade. Cochilco expects Chile's production to increase to 5.76 million tons this year, a 6% increase from 2024, and peak at 6.07 million tons in 2027. This peak is earlier than previously expected but lower.