Chile’s copper production fell by 6.1pc to 481,700mt in August, from 513,300mt in the same month last year, due to lower outputs from major players like BHP, Anglo American, and Spence.
Escondida’s production fell by 11.9pc to 92,200mt in August 2020, from 103,700mt in the same month last year. Anglo American also reported a 3.1pc decline to 30,700mt from 31,700mt in the same period under comparison. Spence’s copper output reduced to 7,900mt in August, down 51.2pc from 16,200mt in August of 2019, according to the latest data by the Chilean Copper Commission (Cochilco).
However, Codelco increased production by 0.06pc to 154,800mt in August from 154,700mt produced in the prior-year period. Its Collahuasi mine increased copper volumes by 18.1pc to 60,000mt over 50,500mt while production from Los Pelambres rose by 3.4pc to 33,300mt from 32,200mt in the annual comparison for the month of August.
Cochilco expects Chile’s copper output to fall by 1.2pc to 5.71mn mt in 2020 from 5.78mn mt in 2019 while prices are expected to close the year at $2.62/lb, 23¢/lb lower than the guidance announced in January. The agency reported a price of $2.95/lb on Monday, October 5, up by 1.53pc compared the prior day.