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AGgressive Metal
Administrator
USA
1937 Posts |
 Posted - 06/14/2010 : 16:31:35
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From: Latino Business Review
Chile’s copper production grows 14.4% in 2010
Chile’s copper mining industry earns US$36.49 billion in 2010, growth uninhibited by February earthquake
BY: A. Verdin | Mon Jun 14, 2010
Chile’s copper production will see a growth of 14.4 percent, a spike of US$36.49 billion in 2010, according to the latest Chile Mining Report on the sector.
Chile, which is the world’s leading copper producer, did not see its copper operations topple in the wake of February’s 8.8-magnitude earthquake that struck off of central Chile’s coast. According to the report, copper prices bounced on the back of supply concerns but any sustained price increase will more accurately reflect the earthquake’s effect on the country’s power supply.
However, the industry did see light disruption to its copper production. With most of the copper mines being located in Northern Chile, power cuts were felt most by the industry. However, the mines that were impacted were able to resume their full production within the span of a few days. According to the report, “a price hike in copper futures eased quickly when it emerged that despite power disruptions affecting 17% of copper output in Chile, production disruptions would be minimal.”
The production figures for the sector later showed that the country’s copper output grew by five percent in March 2010, reaching the amount of 451,127 metric tonnes. This confirmed that the earthquake left output mostly untouched. In addition, the copper concentrate for the sector grew by 1.5 percent for the month to 189,138 tonnes, but copper cathode production saw a decrease to 0.7 percent.
As a result of the earthquake, the report stated that Antofagista’s Los Pelambres open-pit mine is expected to see completion of its expansion project thrown off from its original Q210 date.
“One of the most important effects of the earthquake will be the doubt it casts over the scale of expansion in production capacity,” the report stated. “Having finally reversed a five-year freeze on output growth in 2009, Codelco may now see its ambitious mining expansion plans clipped. Indeed, Chile will reassess over US$10bn of projects to increase output at Codelco as the government seeks to prioritize investment in roads and bridges, many of which were damaged by the disaster.”
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And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Chilean Cu production up 14% in 2010
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