Chilean copper industry lowered its copper production forecast for 2023

Chile's Codelco, the world's largest copper producer, expects its red metal copper production to decline
further next year due to project delays.

Codelco last week cut its copper production forecast for 2022 to around 1.
5 million tonnes due to lower recovery from some of its mines and ore grades at its Chuquicamata site
.

The company had expected to produce 1.
61 million tonnes of copper
this year.

"The production outlook for 2023 is 1.
45 million tonnes
.
For the five-year period 2023-2027, our best forecast is an average of 1.
5 million tonnes," said Maximo Pacheco, Chairman of Codelco
.

Pacheco said there was a need to increase investment in "structural projects" to offset the impact
of the natural decline in mineral levels.
"To sustain future production, we have to develop projects
that can maintain this level of production.
"

Pacheco also said that Salar de Maricunga's lithium exploration rate was slower than expected due to harsh weather conditions this year, but better results
are expected in the first quarter of 2023.

Codelco began exploring ultralight metals in Malikunga, which are key
to producing batteries for electric vehicles, earlier this year.
The region has high-grade deposits, although it is less than 5 percent the size of Chile's vast Salar de Atacama, one of
the world's largest lithium-producing regions.