Codelco copper slump underscores global mine supply challenges

Leading copper producer Codelco reported on Friday a 35% drop in pre-tax profit to $2.4-billion for the first half of 2022, dragged down by lower production and higher costs.
Codelco, the world’s biggest copper supplier, saw production fall 9.3% last quarter from a year prior, the latest example of supply-side challenges for metal markets.

The results delivered Friday by Chile’s state producer reflect a disappointing year of output for a nation that accounts for about a quarter of the world’s mine supply. On the same day, the South American country’s copper commission projected a 3.4% annual drop in domestic production amid declining ore quality, water restrictions and union protests.
The Chilean state miner reported it produced 736 000 t of copper between January and June, a 7.5% fall versus the first half of 2021.