Chile’s copper production falls to a six-year low

By James Attwood

Chile posted its lowest monthly copper production in six years.

The top-producing nation extended a streak of unexpectedly weak figures contributing to a global market adjustment.

The country accounts for a quarter of the world’s mined copper.

According to data released Friday by the National Statistics Institute in Santiago, it posted a 12% drop in output in February versus January, its weakest monthly result since early 2017.

The agency did not give reasons for the poor performance.

Water restrictions have hampered Chilean production due to prolonged drought, operational setbacks, and project delays as mines struggle with deteriorating ore quality.

That stokes concerns about a looming shortage as demand for the wiring metal takes off in the process of moving away from fossil fuels.

With information from Bloomberg

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