Chile’s mining production increased 4.7% in March compared to the same month of the previous year, thanks to greater production of copper and lithium, the National Institute of Statistics (INE) reported on Tuesday.
Chile is the world’s second largest producer of lithium behind Australia, and the largest producer of copper, with almost a quarter of the global supply.
Both metals are key in the transition to electric vehicles.
According to the INE, the country’s mining production during March was driven by a “increase in lithium carbonate production“next to a rise”in copper extraction and processing”, due to a better ore grade (or amount of copper in the rock).
In recent years, lithium has grown in importance in the Chilean economy. Between 2013 and 2021, lithium carbonate exports represented, on average, 0.8% of total sales abroad. In 2022 they will already reach 8.4% of exports and in 2023 5.3%, according to the Central Bank.
Chile has the world’s largest lithium reserves, with 41% of the total, followed by Australia (25.4%), Argentina (9.8%) and China (6.7%), according to the United States Geological Survey.
Regarding copper, in 2023 Chile reached its lowest production in two decades: 5.25 million metric tons. For this year, however, a 5% rebound is expected, to total 5.51 million tons, according to official data.
Source: Gestion
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