360° Coverage : Chile raises forecast for copper prices, output

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Chile raises forecast for copper prices, output
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Chile raises forecast for copper prices, output

Oct 10 2013, 1:01am CDT | by IANS

Santiago, Oct 10 (IANS/EFE) Chile has raised its outlook for the price and production of copper, the Andean nation's chief export.

Santiago, Oct 10 (IANS/EFE) Chile has raised its outlook for the price and production of copper, the Andean nation's chief export. The Chilean Copper Commission, or Codelco, released a report that...

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1 year ago

Chile raises forecast for copper prices, output

Oct 10 2013, 1:01am CDT | by IANS

Santiago, Oct 10 (IANS/EFE) Chile has raised its outlook for the price and production of copper, the Andean nation's chief export.

Santiago, Oct 10 (IANS/EFE) Chile has raised its outlook for the price and production of copper, the Andean nation's chief export.

The Chilean Copper Commission, or Codelco, released a report that calls for production this year in Chile of 5.7 million tonnes, up from the previous forecast of 5.53 million tonnes and 4.9 percent more than the total output for 2012.

Chile's copper production in 2014 is expected to climb to 5.93 million tonnes, or 4 percent more than this year, according to the study, which was presented Tuesday at the London Metal Exchange by Chilean Mining Minister Hernan de Solminihac and Cochilco Vice President Andres MacLean.

The commission, meanwhile, raised its forecast for 2013 average copper prices from $3.27 per pound to $3.32 per pound based on international price performance in recent months, although it expects average prices to fall to $3.15 per pound in 2014.

Each additional cent in the annual average price of copper translates to more than $40 million in tax revenue for Chile.

"This new estimate is contingent on a series of factors such as the size of the surplus in the copper market, the stability of China's economy and signs that the euro zone is coming out of recession," De Solminihac said in London.

Cochilco also said it expected global copper consumption this year to reach 20.6 million tonnes, 1 percent more than in 2012.

Global mined copper production is expected to come in at 17.9 million tonnes in 2013, up 4.7 percent from last year, and 18.6 million tonnes in 2014, 4.1 percent more than this year, the commission said.

--IANS/EFE

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Source: IANS

 
Update
3

6 weeks ago

Duluth Metals bought by Chilean mining heavyweight

Nov 4 2014 6:59am CST | Source: Minneapolis- St. Paul Business Journal

Antofagasta, a mining conglomerate based in Chile and a partner in Duluth Metals plan to build a huge copper mine near Ely, will buy Duluth Metals outright in an $85 million deal. Duluth Metals, a Toronto-based company that owns 60 percent of St. Paul-based Twin Metals (the company that wants to build the mine), announced the deal on Monday, the Duluth News Tribune reports. Officials at the company called it good news, saying Antofagasta had the resources to pull off the proposed $2.5 ...
Source: Minneapolis- St. Paul Business Journal   Full article at: Minneapolis- St. Paul Business Journal
 

 
Update
2

6 weeks ago

The Zoo in Chile Where the Humans are in Cages and the Lions are On Top

Oct 31 2014 8:08am CDT | Source: IBTimes UK

A zoo in Chile allows visitors to tickle a lion's belly – from inside a cage mounted on a ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
1

7 weeks ago

How not to commit a robbery

Oct 30 2014 3:48am CDT | Source: NEWS.com.au

A BUNGLING bag snatcher has provided a masterclass in how not to steal a woman’s handbag on a bus in Ch ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
 

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