Chile's 2022 Copper Production Continues to Decline on Lower Ore Grade

According to data from Chile's National Bureau of Statistics, Chile's copper production in December 2022 increased by 8.4% month-on-month to 497,971 mt, but down 1.1% over the year.

Since last year, the output of copper mines in Chile has been plagued by many factors such as declining ore grade, less water resources available, and maintenance. The monthly output over the past year was basically lower than the level seen in the same period of previous years. 

Generally, Chile's copper production has shown a downward trend year by year, with a marked 5% YoY decline in 2022.

At present, many mines in South America are facing challenges such as falling reserves and low concentrate recovery rate. For example, the ore grade of the Escondida copper mine, the world's largest copper mine, has dropped by 4%.

Besides, the reduction in the copper output of some mines is also affected by limited technology, maintenance, and tight water resources in open-pit mines.