The largest copper producer in the world reduced production in September

Copper production in the country fell 5 percent on an annualized basis, according to data released by Chile's National Institute of Statistics (INE).

Chile's copper production during September this year was 464,572 tons, down from 489,170 tons in the same month last year. The drop in output from the world's largest copper producer is due to temporary shutdowns at major mines for routine maintenance. In addition, production of the lower grade of ore also contributed to the decline.

The total copper output in Chile for the period from January to September this year amounted to 4.281 million tons. This is up 1 percent compared to the output of 4.239 million tonnes of copper during the corresponding nine months of 2013.

Meanwhile, in a bid to boost copper production, the government has approved a $ 4 billion investment in state-owned Codelco. The amount will be paid over a five-year period from 2014 to 2018. The new investment is aimed at increasing Codelco's productivity to more than 2 million tonnes per year.

As part of the expansion programs, Codelco plans to modernize its aging operating mines and convert the El Teniente underground copper mine into an open pit operation. This should provide the company with copper mining for years to come.