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Peru and Chile Mine Delays Impacting Copper Supply

Peru and Chile, together responsible for about 40% of global mined copper output, saw a wave of production losses in 2025 that helped turn the 2026 outlook from surplus to deficit.

By K2 Research TeamFeb 1, 2026PDF · 10 pages

Peru and Chile, together responsible for about 40% of global mined copper output, saw a wave of production losses in 2025 that helped turn the 2026 outlook from surplus to deficit.

What’s inside

  1. Executive summary
  2. Global copper supply landscape
  3. Peru: social licence crisis and project pipeline delays
  4. Chile: operational shocks and structural constraints
  5. The Cobre Panama parallel: 350,000 tonnes gone
  6. Mine supply disruption scorecard, 2025
  7. Supply and demand balance and the ICSG deficit model
  8. Copper price outlook: LME, COMEX and bank forecasts
  9. Investment framework and trading thesis