According to Webstock Inc., citing foreign media on January 15, the Chilean Copper Commission (Cochilco) released a report on Wednesday stating that Chile is expected to increase its copper production to 5.54 million mt by 2034, a 5.6% increase compared to 2023.
Chile is the world's largest copper producer.
Cochilco stated that in 2024, Chile's copper production will account for 23.6% of global production. This share is expected to continue expanding, reaching 27.3% by 2034.
Cochilco indicated that Chile's copper production level is expected to peak in 2027 at 6.07 million mt. Thereafter, annual output is expected to fluctuate at lower levels.
Cochilco had earlier forecasted that Chile's copper production in 2034 would reach 6.43 million mt. Cochilco explained that the new estimate reflects technical adjustments made to achieve a more realistic projection.
Cochilco analyst Sergio Verdugo stated at a press conference that the decline in production could be attributed to aging mines.
He also noted that, in the best-case scenario, copper production in 2034 could reach approximately 7 million mt.
Although Chile is expected to maintain its position as the world's largest copper producer, Cochilco predicts that by 2034, the DRC will follow closely with a 13.6% market share, followed by Peru with a 10.2% share.
