COPPER SLOW DOWN
Nelson Pizarro, CEO of Codelco, Chile’s State-owned copper mining company, is seen telling journalists that he foresees an additional delay in the expansion of Codelco’s top-producing copper mine, the century-old underground El Teniente. He said Codelco would not be following the path initially planned for it three years ago, when the copper price was considerably higher. Pizzaro sees copper prices averaging between $2.15 and $2.20 a pound until the second half of 2017, when, in his view, the global market for copper will swing into a deficit, causing the price to rebound.
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