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Codelco CEO Sees Copper Price Down Through 2020

Metal News - Published on Tue, 17 Sep 2019

Image Source: nasdaq.com
La Tercera reported that chief executive of Codelco said that copper prices will remain depressed through next year, a result of the continuing uncertainty caused by global trade tensions. Mr Octavio Araneda, who recently replaced long-time miner and CEO Mr Nelson Pizarro at the helm of Codelco, told daily La Tercera on a tour of the state miner’s operations in northern Chile that Codelco would instead seek to immediately boost production.

Mr Araneda said in the newspaper that “Everything indicates that the price of copper will not improve next year. The trade war is difficult to predict.”

The pessimistic outlook comes at an otherwise tough time for Codelco. Profits plunged 74% to USD 318 million in the first half of 2019, even as the state miner undertakes a 10-year, USD 40 billion overhaul of its aging mines.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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