The Codelco El Teniente copper mine, the world's largest underground copper mine is shown near Rancagua, Chile August 13, 2020.
Output at the world's largest copper producer has been dropping despite $15 billion invested in flagship mines including El Teniente and Chuquicamata where costs have overrun significantly, according to an influential industry body.
Codelco accounts for 29% of Chile's copper production.
The world's largest consumer of industrial metals bought 25.3 million tonnes of copper concentrates last year, according to International Copper Study Group.
The global copper concentrate market is expected to see a steep deficit during 2025-2027 as Asian and African smelters ramp up capacity, outpacing mine supply.
Persons:
Fabian Cambero, Codelco, Julian Luk, Pratima Desai, Veronica Brown, David Evans
Organizations:
REUTERS, Codelco, Evergreen, Copper Study, Thomson
Locations:
Rancagua, Chile, Chilean, Codelco, China