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«Codelco» ready for change

5 November 2014

World leader in the production of copper, the Chilean corporation «Codelco», preparing for changes in its investment portfolio, both in terms of development in the coming months. Changes associated with the support of the state mining company, which is ready to give President Michelle Bachelet. In the case of lack of investment capacity «Codelco» may fall to an annual rate of 700 thousand tons, while last year the company showed a level of 1.796 million tons. However, the company could be kept at a high level due to the expansion of operation «Andina» and underground transformation «Chuquicamata» at the world's largest mine, continuing the production of copper.

CEO Nelson Pizarro, convinced that the solution to such global challenges depends on the efficiency of the developed projects. At the same time the development of the new plan will take some time, despite the president's demand for an early implementation. According to the president, to defer further resource development is impossible — «Codelco» should throw all the forces in the development of projects, increasing the efficiency and sustainability, while upgrading and installation of technical equipment.

Designed project requires a lot of cash infusions — for 43 years of its existence, it is the largest part of the state investment in the Chilean company. However, the company contributions to the state treasury during this period amounted to over 110 billion. USD. The Government regards this project as a definite incentive for the Chilean economy weakened. According to preliminary estimates, the project will provide about 50 000 jobs during the period from 2017 to 2019gg.

Meanwhile, the commission «Cochilco» is sure to increase the global surplus red metal on rynke2015 year. According to experts, this year will show a surplus 125 000 tonnes, but next year this figure will triple, reaching 429,000 tons. This situation is due to the ever-increasing copper production and build-up of capacity in Chile, Mexico, Peru, United States and Zambia. The demand from China continues to decline — if the figure was 9% this year, then in 2015 it will decrease to a level of 4.5%. Demand for copper in China is equivalent to 47% of world consumption, which plays a crucial role in the copper industry. The following year, analysts predict the demand for copper will reach 11.2 million. Tons.

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