Chile's copper production falls to the lowest level in more than 15 years.

As the world's largest supplier of copper metal, Chile's copper output in August recorded its worst monthly performance in more than 15 years. This has exacerbated the country's recession and explains why global market supply is tightening and copper prices keep hitting record highs. The August production decline has made an already difficult year for Chile's mining industry even worse. Following storms that hit several mines in the north in July, severe winter weather and port disruptions in August once again affected mine operations. These disruptions have further compounded other broad challenges facing the country, including declining ore grades, as well as accidents and other operational setbacks at some of its largest mines.