• 19 days Could Crypto Overtake Traditional Investment?
  • 23 days Americans Still Quitting Jobs At Record Pace
  • 25 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 28 days Is The Dollar Too Strong?
  • 29 days Big Tech Disappoints Investors on Earnings Calls
  • 30 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 31 days China Is Quietly Trying To Distance Itself From Russia
  • 32 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 36 days Crypto Investors Won Big In 2021
  • 36 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 37 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 39 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 39 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 43 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 43 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 43 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 46 days Are NFTs About To Take Over Gaming?
  • 46 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 49 days What’s Causing Inflation In The United States?
  • 50 days Intel Joins Russian Exodus as Chip Shortage Digs In
EV Metal Index Soars To Record Heights

EV Metal Index Soars To Record Heights

The MINING.COM EV Metal Index,…

Aluminum Is Bouncing Back In China

Aluminum Is Bouncing Back In China

Aluminum does appear to be…

Tesla's Biggest Competitor Is Going Cobalt-Free

Tesla's Biggest Competitor Is Going Cobalt-Free

The world’s second-largest electric vehicle…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Industrial Metals

Output In World's Largest Copper Mine Is Falling

Copper Mine

Chile’s Codelco, the world’s top copper producer, saw output fall once again in January to 118,600 tonnes, a 6.8% drop when compared to the same month in 2019, amid a perfect storm of falling ore grades at the largest deposits, water scarcity and social unrest.

The country had reported a drop in overall production last year, with the state-owned miner churning out 1.7 million tonnes of the red metal, the lowest level since 2008, when it generated only 1.55 million tonnes.

At that time, the giant Ministro Hales mine, which contributes between 180,000 and 200,000 tonnes of copper a year, had not yet begun operations.

According to the country’s copper agency Cochilco, private mines fare better. BHP’s Escondida, the world’s largest copper mine, produced 10% more last month (100,900 tonnes) than in the same month last year.

Collahuasi, another massive mine owned jointly by Anglo American and Glencore, also registered a jump in production — 20.2%, to 53,500 tonnes, Cochilco said.

In terms of revenue coming from copper exports, Chile saw them decline 2.3% in February due to weak demand from its main buyer China and violent protests over inequality and social injustices.

Social unrest started in October and has resulted in billions in losses to private businesses and public infrastructure, as well as damage to Chile’s long-held image as the most stable and prosperous country in Latin America.

The nation’s copper exports were valued at $2.5 billion in February, Chile’s central bank said on Monday.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment