According to a recent report issued by the Chilean Copper Industry Council (Cochilco), the copper production in Chile in the next 10 years is predicted according to the current investment plan for copper projects. It is estimated that Chile’s copper production will exceed 6 million tons for the first time in 2019; if considering the possible delays in the implementation of the new project, Chile’s copper production will reach 7.06 million tons by 2029, an increase of 28.3% over 2017; if the project is not delayed, Chile’s copper production will reach 8.1 million tons by 2029; if the project is seriously delayed, Chile’s copper production will reach 5.98 million tons by 2029.
By 2029, Antofagasta will continue to be the largest copper producer in the country, accounting for 53% of the total copper production at that time; Atacama will surpass Tarapac to become the second largest copper producer, and the copper production in these two regions will account for 13% and 12% of the total copper production respectively.
Cantallopts, Director of Public Policy and Research of the Chilean Copper Industry Commission, said that production projections provided the basis for copper price forecasts. Considering the shortage of copper in the world market and the low inventory of the product, he expects copper prices to rise to $3.05 per pound in 2019 and $3.08 per pound in 2020.
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