Chile’s copper output fell sharply by 15.1% year-on-year to 387.87 metric tons in September 2026, its steepest drop since March 2017 and the third consecutive monthly decline. Finance Minister Jorge Quiroz cautioned that production could contract by 8% to 9% in 2026, a deterioration from his previous forecast of a 7% decrease, putting the world’s largest copper producer on course for its weakest annual output in more than two decades.
The slump is being driven by fatal mining accidents, extreme weather, operational disruptions, and years of underinvestment that have left aging deposits grappling with declining ore grades. The resulting supply shortfall is tightening conditions in the global copper market at a time when demand is being buoyed by heavy investment in data centers and power infrastructure. While mining investment is now picking up, new projects will take time to translate into higher production.
