Chilean Mining Association warns: The growth of copper supply will take several years to materialize.

The Chilean Mining Association warned that the growth incentive policies of the new government could accelerate the release of new copper mining capacity, but any substantial production growth will still take several years to materialize. The association's members include global mining giants such as BHP and Anglo American operating in Chile, and their position aligns closely with the governing promises of the newly elected president, Jose Antonio Cast. Cast has proposed simplifying approval processes to speed up mining investment. The Cast team has indicated that Chile's mining production could increase by up to 20% in the next one to two years, injecting much-needed growth into the tight copper market. However, Joaquin Villarino, the chairman of the mining association, stated in an interview on Thursday that expectations for production growth must remain realistic considering the structural challenges behind supply growth. Villarino said, "The association has no basis or estimates to support achieving such a scale of growth in such a short time. Production levels cannot change overnight."