Chile finance minister warns of 'mining recession' through 2026 as copper output slumps

Chile's Finance Minister Jorge Quiroz publicly declared the country is in a 'great mining recession' that will persist through 2026, citing a projected 7% cumulative drop in copper production. This follows July's economic activity index showing a 9.3% contraction in the mining sector, signaling a sharper-than-expected downturn in the country's key export industry. The admission marks a significant reversal from the government's earlier 'oasis' economic narrative and raises concerns about fiscal revenues and growth prospects.