Among the copper mining executives who visited Chile this month to discuss oversupply concerns was Rio Tinto copper CEO Jean Sebastien Jacques, who is seen gesturing as he emphasises that weaker prices and tighter financing have resulted in mining companies cutting their exploration expenditures to the lowest levels in four years. With demand bumpy in China, copper miners are pulling in their horns, typified by Rio Tinto giving its stake in Alaska’s Pebble copper deposit back to Northern Dynasty Minerals, which mimics what Anglo American did before it. In gung-ho contrast, Chile’s State-owned Codelco is ramping up its new Ministro Hales mine, which is set to reach design capacity by midyear.