Giant Chile Mines Are Struggling Just as World Needs More Copper
- Chile posted its lowest monthly copper output in six years
- Codelco expects production to fall as much as 7% this year
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Mines in the biggest copper-producing nation are struggling just as demand for the wiring metal is expected to accelerate in the shift away from fossil fuels.
Chile, which accounts for a quarter of the world’s mined copper, posted its lowest monthly production in six years on Friday. Hours later, state-owned behemoth Codelco said its output woes of 2022 will only get worse this year as it strives to tap new areas of its aging deposits after decades of underinvestment.