• 11 hours Which Country Is The World’s Largest Investor In Batteries?
  • 2 days Are Bitcoin’s Environmental Risks Overblown?
  • 2 days Why The Gold Rush Ran Out Of Steam
  • 5 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 5 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 6 days The Pandemic Has Culled The Middle Class
  • 7 days Legacy Automakers See Massive Spike In Sales
  • 8 days Tesla's Biggest Competitor Is Going Cobalt-Free
  • 9 days Stocks That Could Benefit From Biden’s $2.5 Trillion Infrastructure Plan
  • 11 days The Mafia Has Expanded Its Influencer Under COVID-19
  • 12 days How Fintech Will Get Skeptics Into Crypto
  • 13 days Monday Markets Rise On Stellar Jobs Report
  • 16 days Not Even Bribery Allegations Can Crush Cannabis Boom
  • 20 days Canada May Become Leader In Booming Battery Market
  • 21 days Nearly 42% Of All Amazon Reviews Are Fake
  • 22 days Kidnapping Is Big Business In Nigeria
  • 23 days COVID Fraud Amounts To Nearly $570M
  • 26 days Art Is Now An Algorithm
  • 27 days TikTok Threatens America, Tesla Threatens China
  • 27 days Small-Cap Energy Sectors With Big Upside
Chinese Panic Buying Could Fuel A Copper Rally

Chinese Panic Buying Could Fuel A Copper Rally

Copper was once again approaching…

New Breakthrough Could Transform Rare Earth Mining

New Breakthrough Could Transform Rare Earth Mining

Researchers at the University of…

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