Good news for mining! Sonami estimates 3% growth by 2023

Inspenet, May 6, 2023

The National Mining Society (Sonami) of Chile forecasts that mining activity will experience growth of 3% in 2023, according to its Studies Manager, Álvaro Merino.

This forecast is based on copper production of close to 5.5 million tons, which represents an increase of approximately 200,000 tons compared to last year.

Merino also referred to the economic performance of March, according to the Monthly Index of Economic Activity (Imacec), which fell 2.1%. The Studies Manager pointed out that mining and commerce were the most affected sectors, with a contraction of 8.5% and 5.4%, respectively. Merino added that, in general terms, mining products experienced a contraction, except for gold production, which grew 34% and helped cushion the drop in mining activity.

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Merino explained that the low copper production was the main cause of the significant decline in mining, which represents 90% of the mining GDP. In addition, technical problems were added in some mining operations and less mineral treatment.

However, Merino is optimistic about the future of the mining industry and expects copper production and mining activity in general to increase in the coming months due to the entry into production of new projects and increased activity at major sites.

Copper leads the mining recovery projected by Sonami for 2023

With copper production at the center of the Chilean mining economy, growth prospects in this sector are important for the country’s economy. Although March was a difficult month for economic activity in general, Sonami’s projections indicate that Chile’s mining industry has a promising future.

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