Chile will raise its share of global copper production to 27.3% in 2034

According to the projection made by Cochilco, Chile will increase its share of global copper production by 3.7% by 2034.

Chile will increase from 23.6% in 2024 to 27.3% in 2034 in global copper production. This was stated on Wednesday during the presentation of the report "Copper Production Projection in Chile: Period 2024-2034," prepared by the Chilean Copper Commission (Cochilco).

According to the report, the increase is due to new projects and the expansion of current operations.

"Chile will continue to lead global copper production in the coming years, demonstrating the stability and confidence that our country offers to investment and industry," said the Minister of Mining, Aurora Williams.

Cochilco projects that copper production in Chile will reach 5.54 million tons by 2034, representing a growth of 5.6% compared to actual production in 2023, which stood at 5.25 million tons.

The production peak is expected to be reached in 2027, with 6.07 million tons of copper.

Copper Concentrate Production

When analyzing by product type, it is projected that by 2034, copper concentrate production will reach 4.86 million tons, and cathode production will reach 681,000 tons, representing a share of 87.7% and 12.3%, respectively.

Copper cathode production will gradually decrease due to the depletion of oxides and the lack of projects to extend the operational life of these processes.

Concentrate production will strengthen due to the greater availability of sulfide minerals, the installed capacity in flotation plants, and a portfolio of strategic projects.

Antofagasta: Chile's Main Copper-Producing Region

At the regional level, Antofagasta continues to consolidate itself as the main copper-producing area in Chile, with about 50% of national production. However, its share is projected to decrease by 5 percentage points by 2034.

This is due to the decline of historical operations and the reduction in ore grades in its main deposits.

On the other hand, Coquimbo’s share is expected to increase from 6.4% in 2024 to 10.3% in 2034 at the national level, driven by the development of replacement and expansion projects.

To make this projection, Cochilco uses historical copper production data and a Monte Carlo simulation based on the information contained in the latest investment portfolio, allowing the identification of the maximum mine copper production capacity for the next decade.