Chilean Miner Still Expects Own Production To Rise
The chief executive of Codelco, the Chilean company that is the world’s biggest producer of copper is forecasting a slight surplus of global copper supply this year. Despite this, Jose Pablo Arellano maintains that his company’s output will increase slightly this year on the 1.7 million tonnes it produced in 2009, despite February’s earthquake disrupting production.
Mr Arellano told reporters at the CRU/CESCO copper conference in Santiago that his company plans to invest $2.3 billion this year to offset output from older mines; however he suggested that any supply surplus will be due to an increase in European and US demand for the metal, while Chinese demand is expected to fall.
"We hope there will be some synchronization between a possible slowdown in China with strengthening in the rest of the world, particularly the United States and Europe." Mr Arellano added.
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