TRIVIA

Copper has been one of the commodities that has benefited most from the rebound in commodity prices, which could not have come at a better time for Chile. The Chilean Copper Commission has just revised its forecast for the average price of copper upward to $4.20 per pound for 2021, although it maintained its forecast of $3.95 for 2022, with demand for the metal expected to rise by 2.4% this year. Chile is the world’s largest copper producer, with an annual output of 5.7 million metric tons.

How did Chile's copper production in 2021 differ from that in 2020?

A) It will fall by 3.5%

B) It will have zero variation, 0%

C) It will grow by 2.8%

ANSWER:

B) 0% –

Growth will be zero and will remain at around 5.7 million metric tons. Copper production peaked in 2018 at 5.8 million metric tons and has been declining slowly ever since. The aging of mines is the main cause of this trend. Major investments in new projects or in the expansion of existing mines effectively offset the decline in production from older operations.