Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chilean copper output increased by 2.6pc to 2.8mn mt in the first half this year, from 2.7mn mt in H1 2019, driven by higher output from Codelco and BHP.


Codelco produced 796,100mt in H1, up 3.5pc from 769,400mt produced in the prior year period, according to the latest data released by the Chilean Copper Commission (Cochilco).


BHP Billiton’s Escondida mine production saw an uptick of 5.1pc to 599,000mt in H1 2020, from 569,900mt in H1 2019. Its Collahuasi mine upped copper volumes by 26.8pc to 323,000mt in H1 2020, from 254,700mt in the same period of 2019, while output from its Los Pelambres mine rose 1.3pc to 188,500mt in the first half of 2020, compared to 186,000mt in H1 2019.


Meanwhile, production at Anglo American Sur fell by 17.5pc to 171,800mt in H1 2020, from 208,200mt produced in Jan-Jun 2019, and Spence miner saw a reduction of its copper production of 18.3pc to 81,500mt in H1 2020, from 99,700mt in H1 2019. 


Cochilco predicted Chile’s copper production to fall by 1.2pc to 5.71mn mt in FY 2020, from 5.78mn mt in 2019.


Chile’s copper prices are expected to fall this year to $2.62/lb, 23¢/lb lower than the guidance announced in January, due to the market uncertainties caused by the COVID-19 pandemic.

Leave a Reply

Your email address will not be published.