news

Chile's mining sector contracts 9% in March as copper production down 5% - report

Kitco Media
By Vladimir Basov
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Editor noteGet all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) - According to Chile's National Institute of Statistics (INE), the country's industrial production index (IPI) contracted by 5.9% in March 2023 y-o-y due to a decline in Chile's mining and manufacturing sectors.

INE said that the domestic mining sector (IPMin index) decreased by 8.7% in March 2023 y-o-y, primarily as a result the lower activity registered in the country's metallic mining subsector, which was down 8.9% y-o-y due to the decrease in the extraction and processing of copper.

According to the report, Chile, the world's largest producer of copper, mined 440,389 tonnes of copper in March 2023, which is a decline of 4.8% compared to 462,360 tonnes mined in March 2022.

Moreover, Chile's manufacturing production index (IPMan) decreased by 5.5% in March 2023 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) increased by 2.3% in March 2023 compared to March 2022 primarily due to the growth in electricity generation.

Cameco posts net earnings of C$119M in Q1 on higher uranium production and prices
Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

Mdi Earth Logo

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.