Copper Rebound Leaves Silver in the Lurch

The copper market has been experiencing a rebound, but one metal that's being left behind is silver. In Chile, the world's largest copper producer, severe storms in July affected production, with output dropping to 403,424 tonnes from 445,322 a year earlier.

According to MINING.COM data, Escondida, the world's largest copper mine, was down 22.1% and Codelco down 5%, while Collahuasi rose 12.3%. Chile produced 42.7 Moz of silver in 2025, much of it as a byproduct of copper mining.

However, the impact on silver production has been significant. If every ounce tracked copper, a one-month drop of 9.4% would translate to about 0.33 Moz, while Cochilco's full-year expectation of a decline near 2.5% would be around 1.1 Moz.

But not all copper mines are feeling the pinch. Collahuasi is considering restarting an idled acid-leaching plant, with a target of producing 6,000 tonnes of cathode next year, despite the high cost of sulphuric acid.

In contrast, Capstone's Mantoverde mine has taken a deliberate cut to heap leaching due to high-carbonate oxide ore being uneconomic at current acid prices. The mine plan has shifted towards sulphide concentrate, which carries silver.