Codelco Copper Slump Underscores Global Mine Supply Challenges
- World’s biggest supplier saw production fall 9.3% last quarter
- Chile mines are facing falling ore quality, water restrictions
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Codelco, the world’s biggest copper supplier, saw production fall 9.3% last quarter from a year prior, the latest example of supply-side challenges for metal markets.
The results delivered Friday by Chile’s state producer reflect a disappointing year of output for a nation that accounts for about a quarter of the world’s mine supply. On the same day, the South American country’s copper commission projected a 3.4% annual drop in domestic production amid declining ore quality, water restrictions and union protests.