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Chile's mining sector expands in October as local copper production up 3%

Vladimir Basov

Kitco News

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(Kitco News) - According to Chile’s National Institute of Statistics (INE), the country’s industrial production index (IPI) contracted 4.2% in October 2022 y-o-y due to decreases in manufacturing (-9.2%) and electricity, gas and water production (-1.5%) sectors while mining was up 0.7%.

INE said that the 0.7% increase in Chile's mining sector (IPMin index) in October 2022 was due to the higher activity registered in the country’s metallic mining subsector, which grew 0.7% primarily due to the increase in extraction and processing of copper.

According to the report, Chile, the world’s largest producer of copper, mined 485,447 tonnes of copper in October 2022, which is 3% higher than 470,700 tonnes mined in October 2021.

Meanwhile, Chile's manufacturing production index (IPMan) decreased by 9.2% in October 2022 compared to the same month of the previous year, primarily due to the decline in production of alcoholic and non-alcoholic beverages.

The agency added that the country’s electricity, gas and water production index (IPEGA) decreased by 1.5% in October 2022 compared to October 2021 due to the decline registered in all three activities that comprise this index.

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By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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