Chile's copper output sees double-digit drop in October

Tuesday, November 29, 2016

Chilean copper production declined by double digits in October, marking the second consecutive month of lower output.

Production was down 11.1% year-on-year to 445,117t during the month, the country's national statistics bureau (INE) said in a report. Sequentially, output fell 3.44% from 460,986t in September.

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INE attributed October's weak performance to several work stoppages as well as failures at an undisclosed processing plant. Additionally, production was affected by maintenance stoppages and lower grades.

In the first 10 months of the year output was down 4.6% year-on-year to 4.59Mt.

Chile's mining production index dropped 9.2% year-on-year in October, driven by lower copper output, as well as less caliche, coal, oil, salt, silver, ulexite, gold and calcium carbonate, which was partly offset by higher output of lithium, iron ore, natural gas and molybdenum.

Production of unroasted molybdenum concentrate was up 0.9% in October to 5,320t, while output for the first 10 months was 13.8% higher at 47,751t.

October gold production fell 1.7% due to lower recovery rates as a byproduct of copper mining. Silver production was down 9.8% compared with October 2015, also on lower recovery rates.

The metallic mining index fell 1.61% in September, while the non-metallic index was down 1.5%.