Codelco copper slump underscores global mine supply challenges. copper mining miningnews
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 Santiago-based firm produced 371,000 metric tons in the second quarter, down from 409,000 tons a year earlier. Its revenue tumbled along with a commodity rout spurred by recession fears. While the copper market is expected to swing to a small surplus as demand softens and new supply enters from the Democratic Republic of the Congo, longer-term prospects remain bright due to need for battery metals in the push toward cleaner energy.
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