Report: Chile’s copper production set to increase as export demand rises
Copper production in Chile is projected to increase to 7.3 million tonnes (Mt) largely driven by growing demand from the country’s export markets, according to a report by Timetric. The country's copper production in 2014 was 5.7Mt.
Entitled ‘Base Metals Mining in Chile to 2020 - a Focus on the Copper Industry’, the report states that China, Japan and India are the top export destinations for Chile, along with South Korea and Brazil.
Exports of copper ores and concentrates are expected to increase at a compound annual growth rate (CAGR) of 2.4% by 2020 to reach 3.1Mt, an increase from 2.6Mt in 2014.
Chile has large reserves of metal and mineral resources, including gold, silver, coal, lead, iron ore and zinc. With reserves at 209Mt, Chile was the leading country globally in terms of copper reserves in 2015.
The country’s domestic copper consumption was minimal at 96,765t in 2014.
The country's mining industry is governed by the Chilean Ministry of Mining and the Ministry of Environment. Corporacion Nacional del Cobre de Chile (Codelco) and BHP Billiton are the two most significant companies operating in the country’s base metals industry.