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(Kitco News) - According to Chile’s National Institute of Statistics (INE), the country’s Industrial Production Index (IPI) contracted 3.6% in April 2022 due to the decline in the domestic mining sector.

INE said that the Mining Production Index (IPMin) was the one that influenced the negative result, falling 10.6% year-on-year and contributing a -4.52 percentage points in the variation of the IPI.

This decrease was explained by a lower activity registered in the domestic metallic mining sector, which dropped by 12.2% due to the decline in the extraction and processing of copper.

According to the report, Chile, the world’s largest producer of copper, mined 421,742 tonnes of the metal in April 2022, which is 9.8% lower than 467,600 tonnes mined in April 2021.

Meanwhile, the Manufacturing Production Index (IPMan) increased 1.7% in April 2022 compared to the same month of the previous year, primarily due to the increase in the manufacturing of chemical substances and products.

Similarly, the Electricity, Gas and Water Production Index (IPEGA) grew 0.9% in April 2022 compared to April 2021 as two of the three activities that make up this index recorded growth, especially the electricity generation sector.

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