Chile's mining sector contracts in August as local copper production falls 8%
(Kitco News) - According to Chile’s National Institute of Statistics (INE), the country’s industrial production index (IPI) contracted 5.0% in August 2022 y-o-y due to decreases in mining (-7.3%), manufacturing (-4.0%), and electricity, gas and water sectors (0.9%).
INE said that the 7.3% decline in Chile's mining sector (IPMin index) in August 2022 was due to lower activity registered in the country’s metallic mining subsector, which fell 9.5% due to the decrease in extraction and processing of copper.
According to the report, Chile, the world’s largest producer of copper, mined 422,888 tonnes of copper in August 2022, which is 8.4% lower than 461,900 tonnes mined in August 2021.
Meanwhile, Chile's manufacturing production index (IPMan) decreased by 4.0% in August 2022 compared to the same month of the previous year, primarily due to the decline in manufacturing of chemical substances and products.
The agency added that the country’s electricity, gas and water production index (IPEGA) decreased by 0.9% in August 2022 compared to August 2021 as all three activities that make up this index recorded declines, especially water production.
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