SANTIAGO Feb 3 Chile maintained its outlook for
global copper prices this year at an average of $3.15 per pound
and expects them to ease to an average of around $3.00 per pound
in 2015 due to a surplus of the red metal, state copper
commission Cochilco said on Monday.
"The increased copper surplus (of approximately 416,000
metric tonnes) expected in 2015, 16 percent larger than this
year, is due in large part to increased production at mining
operations in Chile, Peru, Mexico and Zambia, among others,"
said Mining Minister Hernan de Solminihac.
Chile, the world's top copper producer, is forecast to
produce 6 million tonnes of the industrial metal in 2014,
The production forecast would amount to a 5.2 percent jump
against the 5.77 million tonnes produced in 2013 and is based on
expectations for increased output at state copper producer
Codelco, and private-owned miners Collahuasi,
Caserones, Sierra Gorda.
Collahuasi is owned by Anglo American Plc, Glencore
Xstrata Plc and a group of Japanese companies led by
Mitsui & Co ; Caserones is owned by JX Nippon Mining and
Metals Corp and Mitsui & Co; and Sierra Gorda is owned
by Poland's KGHM and Japan's Sumitomo.
Chile's copper production is forecast to grow an additional
2.4 percent in 2015 to 6.2 million tonnes.