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Chile's mining sector contracts in May as copper production down 14% - report

Kitco Media
By Vladimir Basov
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(Kitco News) - According to Chile's National Institute of Statistics (INE), the country's industrial production index (IPI) contracted by 4.5% in May 2023 y-o-y due to a decline in Chile's manufacturing, mining and electricity, gas and water sectors.

INE said that the domestic mining sector (IPMin index) decreased by 9.2% in May 2023 y-o-y, primarily due to lower activity registered in the country's metallic mining subsector, which declined by 9.9% y-o-y due to a decrease in the extraction and processing of copper.

According to the report, Chile, the world's largest producer of copper, mined 413,083 tonnes of copper in May 2023, which is a decline of 14% compared to 480,275 tonnes mined in May 2022.

Meanwhile, Chile's manufacturing production index (IPMan) decreased by 1.2% in May 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) fell by 0.2% in May 2023 compared to May 2022 primarily due to a decline in electricity generation.

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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.

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