Chile’s economy contracted by 0.2% year-on-year in the second quarter of 2026, missing forecasts that had predicted 0.2% growth. Mining output plummeted 6.4% during the same period as severe winter storms shut down copper extraction operations across the country’s northern and central regions. In July, copper production fell further by 9.4%, extending the impact of these extreme weather conditions. Private producers have already cut their guidance: Antofagasta now expects 625,000 to 655,000 tonnes for 2026, while Lundin Mining forecasts 120,000 to 130,000 tonnes for its Caserones mine. State-owned Codelco saw first-half production decline 11% to 564,000 tonnes, though its profits quadrupled to $1.97 billion thanks to higher copper prices.
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