CHILE · COPPER

Chile’s mining minister has publicly broken with the finance minister, who called mining a drag on the economy. Both agree that copper output is falling, but not on the word.

The Dispute Over One Word

On Tuesday, 3 November, Daniel Mas rejected the description of mining as a “lastre”, a Spanish word for burden or ballast. Mas holds both the economy and mining portfolios in President José Antonio Kast’s cabinet.

Finance Minister Jorge Quiroz used it at Enade, an annual business leaders’ conference. Mas told reporters, “I don’t want to quarrel with other ministers, but I don’t agree with the term”.

What Mas Said

Mas said it is “clear all the good mining has done for Chile” and praised the workers at the mines. He added, “I would stay with the positive side of the sector”.

He still agreed with the finance ministry on the cause of the output slump. He named a lack of investment, slow permits and policy uncertainty.

La Moneda, Chile’s presidential palace in Santiago, in a file photo. It does not show the 3 November remarks. Photo: Rjcastillo / Wikimedia Commons (CC BY-SA 4.0)

How Far Copper Output Has Fallen

Cochilco, Chile’s state copper commission, forecasts 2026 output of 4.94 million tonnes, down 8.4% and the lowest level since 2003. Official figures put September output down 15.1% from a year earlier, at about 387,900 tonnes.

Mas said production should climb back above 5 million tonnes in 2027, and Cochilco forecasts 5.08 million. Mining has also weighed on the August Imacec, Chile’s monthly economic activity index.

Why the Government Is Split

Mas and the finance ministry agree on the causes of the slump: weak investment, slow permits and policy uncertainty. They differ on how to describe the sector in public.

The difference is mainly one of tone, not numbers. Mas stressed the sector’s weight in jobs and development, while Quiroz stressed its pull on the economy.

What It Means for You

Chile is the world’s largest copper producer, so lower output keeps global supply tight. Cochilco recently raised its price outlook to US$5.95 a pound for 2027.

For investors, a public split can signal mixed messages on permits and mining policy. No change in tax or permit rules has been announced.

What Is Not Known

It is not known whether Kast will back either minister or whether Quiroz will respond. Mas gave no detail on the permit changes he wants.

The 2027 recovery is a forecast, not a result. Output could still miss it.

What Comes Next

Monthly copper data from Cochilco and the statistics office will test both views. See also Codelco’s 27,000 tonne overcount, the Chile hub and the Santiago city page.

Neither minister has announced a change in policy. The dispute is about tone so far.

Frequently Asked Questions

What did Chile’s mining minister say?

On 3 November, Daniel Mas rejected calling mining a burden for Chile. He said he would rather focus on the sector’s positive side.

Who called mining a burden?

Finance Minister Jorge Quiroz used the word “lastre” at the Enade business conference. Mas disagreed with the term on 3 November.

How much is Chilean copper output falling?

Cochilco forecasts 2026 output of 4.94 million tonnes, the lowest since 2003. September output fell 15.1% from a year earlier.

Why does it matter to the US?

Chile is the world’s largest copper producer. Lower output can keep copper prices high.

Sources: Cochilco, Chile’s copper commission; Chile’s Ministry of Mining; Chile’s Finance Ministry; Chile’s National Statistics Institute; Central Bank of Chile; remarks by Minister Daniel Mas, 3 November 2026 (all accessed 4 November 2026).