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"Codelco" is investing $ 4.3 billion in the copper production in 2012

"Codelco" a chilean state company that produces nearly one-third of the copper in the world and owns 11% of the world copper approximately. The company is investing more than $ 4.3 billion in this sector this year as future customer demand is expected to be at a high level. According to the forecasts of the company the production will reduce in 2012 to 1.7 million tons against last year's - 1.735 million of tons but after new projects are commissioned the productions rates should increase dramatically.

"Codelco" is planning long-term investments of approximately $ 17 billion in a few key projects that will enable it to increase production to 2.1 million tons and withstand the reduction of metal content in the ore. Strikes, bad weather conditions and power failures result as slow down effects.

To remain as a leader in the global copper market, "Codelco" is increasing investments by 70% compared to the previous year, making injections in the exploration and development of more than 30 projects. One of them is a centenary old Chuquicamata mine the modernization of which will be allocated $ 3.8 billion and the open pit will become a mine that will double production up o 600 tons per a year.

The Mines Ministry of Chile has reported that country has increased the planned investments in production until 2020 by 37% to $ 91 billion due to the increased copper consumption in developing countries. The Executive Director, "Codelco" Diego Hernandez added that if the demand for Chinese copper market will be the same the prices should not remain below last year's.

12 March 2012
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