Chile's Major Copper Miners' May Output Falls Over 17% Year-on-Year

en.Wedoany.com Reported - Data released by Chile's National Institute of Statistics (Instituto Nacional de Estadísticas, INE) on June 30, 2026, shows that in May 2026, the world's largest copper producer, Chile, produced 423,623 tons of copper, a year-on-year decrease of 12.9%. In the previous month of April, Chile's copper output had already fallen 13.8% year-on-year, with two consecutive months of declining production intensifying market concerns over tightening global copper supply.

At the level of major mining companies, the decline in output showed a synchronized trend. Data from the Chilean Copper Commission (Cochilco) indicates that Codelco's copper output in May was 106,300 tons, down 18.3% year-on-year. The world's largest copper mine, Escondida—operated by BHP—produced 108,800 tons of copper in May, a year-on-year decrease of 17.6%. The Collahuasi copper mine produced 31,000 tons of copper in May, down 19.3% year-on-year. The combined output decline of the three major miners ranged from 17% to 19%.

The output decline is not an isolated phenomenon. From January to April 2026, Chile's cumulative copper production was approximately 1.614 million tons, a decrease of about 138,000 tons compared to the same period last year, representing a cumulative decline of about 8%. Among this, Codelco's own production in the first four months was about 361,000 tons, down nearly 10% from 401,000 tons in the same period in 2025, a reduction of about 40,000 tons of refined copper. The output decline was mainly concentrated at the El Teniente copper mine, where cumulative production in the first four months dropped from about 111,000 tons to about 79,000 tons. Additionally, output declines were also seen at Gabriela Mistral and the mining complex comprising Chuquicamata, Radomiro Tomic, and Ministro Hales.

The sustained decline in Chile's copper output is primarily driven by multiple overlapping factors: declining ore grades, aging mines, structural project execution, and equipment maintenance issues continue to constrain capacity release. Meanwhile, Chile's manufacturing sector fell 7.2% year-on-year in May, marking the largest annual decline since November 2022 and significantly below market expectations.

As the world's largest copper producer, Chile's ongoing output decline has a direct impact on the global copper market supply landscape. Codelco has previously confirmed its 2026 production target of 1.33 million to 1.36 million tons. The synchronized production cuts by the three major miners further exacerbate market concerns over tightening global copper supply.