Cochilco lowered Chile's copper production forecast

According to the report of Reuters quoted by Miningweekly, on October 29th, Chilean Copper Industry Committee (Cochilco) drastically lowered its copper production forecast in 2026 and fine-tuned its copper production in 2027.

The agency expects that the output will drop by 8.4% in 2026, compared with the previous forecast of 2.6%; It rebounded by 3% in 2027, lower than previously expected.

Cochilco expects Chile's copper production to be 4.94 million tons in 2026, compared with 5.27 million tons in August.

The agency pointed out that the mines of Escondida and Spence of BHP Billiton and Codelco accounted for 77% of Chile's total output reduction.

In the first three quarters, Chile's copper output was 3.63 million tons, down 8.5% year-on-year.

Cochilco said that in order to achieve the annual forecast target, the country needs to produce 434,000 tons of copper per month in the fourth quarter.

This figure is 7.6% higher than the average output in the first nine months.

Cochico predicts that Chile's copper production will be 5.08 million tons in 2027, up 3%, compared with an estimated 5.55 million tons in August.

The decline in ore grade, mine maintenance and production interruption have affected copper processing and recovery, Cochilco pointed out.

Cochilco also raised the average price of copper in 2026 and 2027 to $6.18/lb and $5.95/lb, respectively, based on the limited supply of mines and the difficulty for the refined copper market to make up for the production interruption gap.

source:https://geoglobal.mnr.gov.cn/zx/kydt/hyyxdt/202611/t20261103_10353111.htm