Chile’s copper production fell by 5pc to 425,500mt in February 2021, from 448,000mt in the prior year, due to lower production from Escondida, Los Pelambres, and Spence.
Escondida’s copper production fell by 13.6pc to 81,600mt from 94,500mt last year, Los Pelambres saw its February production decreased by 19.3pc to 26,600mt from 33,000mt in the prior year, and Spence’s copper production declined by 13.6pc to 12,000 in February, from 13,900, according to the latest figures released by the Chilean Copper Commission (Cochilco).
Candelaria’s copper output also went down by 28.3pc to 7,600mt in February, from 10,600mt in the same month the prior year.
Codelco, the world’s biggest copper producer, on the other hand, saw an increase in its production by 2.08pc to 122,8000mt in February, from 120,300mt in the same month of 2020, due to higher production mainly from its mines Chuquicamata, El Salvador, and Andina.
The Collahuasi mine saw its production increased by 12.1pc to 52,800mt in February, from 47,100mt in the same month the prior year, and Anglo-American Sur’s copper production also rose by 2.2pc to 27,200mt in February, from 26,600mt in the same month of 2020.
Esperanza’s output increased as well by 9.4pc to 12,800mt in February, from 11,700mt in the same month the prior year.
Chile’s copper production is also expected to increase by 3.6pc to 6mn mt this year, while copper output will reach 6.1mn mt in 2022. Chile, the world’s largest copper producer, has increased its price guidance for copper to $3.30/lb.
Copper prices reached $4,075/lb on Tuesday, April 6, up by 2.47pc compared to the prior day, according to data from Cochilco.