"The lower copper price expectation is due to the fact that the supply of the metal would grow by around 3.9%," Mining Minister Marcela Hernando said in Cochilco's statement. Cochilco's executive vice-president, Joaquin Morales, added that other factors, like "further deterioration of China's growth, more persistent inflation, interest rates at high levels for a prolonged period and a deeper recession than expected in Europe" also contributed to the lower projection. In addition, the agency projected a production volume for Chile of 5.3 million tonnes of copper for 2022, which is a year-on-year decline of 5.8%.