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Chile: 2014, and 2015 promises to be a record

18 March 2014

According to the forecasts of the Chilean state copper commission on «Cochilco» 2014 promises to be a truly record-breaking in terms of the red metal production going abroad 6 million tons — this figure exceeds the 2013 results by 5.2%.

However, 2013 also surpassed the previous year — production rose by 6.3% to 5.77 million tons, while in 2012 the figures were 5.43 million tons. Only one Chilean state corporation «Codelco», is the most significant producer of copper in the world, increased its production by 1.9% (to 1.79 million tons). In 2014, analysts predict an increase in the production of «Codelco», production growth in the following fields:

— «Caserones», owned by Japanese companies «Mitsui & Co.» and «JX Nippon Mining & Metals Corp.»;

— «Sierra Gorda», owned by Japanese companies «Sumitomo» and the Polish company «KGHM»;

— «Collahuasi», belonging «Glencore Xstrata», «Anglo American» and group companies in Japan. pf

How to predict the representatives of «Cochilco», in 2015 in Chile red metal production will increase by 2.4%, and thus the amount exceeds 6.2 million tons.

According to the assumptions of the State Commission in 2014, the cost of copper will be from 3 to 3,3 USD per pound in 2015 — from 2,8 to 3,2 USD per pound, from which it follows that the surplus of copper in the world market will affect the average by reducing the cost of 3.15 USD / lb to 3 USD / lb. In 2013, the copper price was on average 3,321 USD / lb, whereas in 2012 the cost of metal has an average of 3,605 USD / lb. It is assumed that there is a probability of a surplus of copper by 16% in 2015 relative to this year, which will amount to approximately 416 000 tonnes due to increased metal production in Peru, Chile, Mexico and Zambia.

The State Commission «Cochilco» expects the supply of refined red metal this year will be increased by 2.3%, which is to use, it will grow by 3.8%, amounting to 21.5 million tons in 2015, the demand will increase by 4%, and would amount to 22.3 million tons.

But analysts «CRU» companies meanwhile have identified the most important producers of copper in 2013. Chilean company «Codelco» (metal production 1.523 million. Tons) expected in the first position, second place went to the concern «Aurubis» (1,13 Mill. Tons), and the third is located Holding «Glencore Xstrata» (1,1 Mill. Tons).

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