Chile’s copper output increased by 0.96pc to 492,500mt in May from 487,800mt last year, driven by higher output from Codelco’s mines and the Collahuasi mine.
Codelco produced 144,200mt in May, up by 3pc on an annual basis from 140,000mt, according to the latest data released by the Chilean Copper Commission (Cochilco).
BHP Billiton’s Escondida mine increased its production by 5.8pc to 93,400mt in May of this year from 98,900mt produced in May 2019, while the Collahuasi mine increased its copper output by 39.7pc to 60,100mt from 43,000mt during the same period.
Production at the Los Pelambres copper mine increased by 9pc to 35,000mt in May from 32,100mt last year, while, Anglo American’s Sur mine saw its production fall by 3.3pc to 33,200mt from 34,300mt, according to figures from Cochilco.
Chile’s copper production is expected to reach 5.87mn mt this year, while production in 2021 is anticipated to rise on an annual basis by 0.7pc to 5.91mn mt, Cochilco has stated.
Chile has lowered its price guidance for copper by 45¢/lb to $2.40/lb because of COVID-19’s impact on the national copper industry.
Copper prices reached $2.73/lb on July 3, down by 0.95pc from a day earlier, according to data from Cochilco.