Chile, the world’s main copper producing country, said Monday output is
likely to reach a record high this year as BHP Billiton (ASX,
NYSE:BHP) ramps up supply and state-owned Codelco starts a new mine in the
Atacama Desert.
Based on the report
published by the Chilean Copper Commission (Cochilco), the South American
nation expects to generate 5.59 million tons of red metal this year, up 3% from
2012 levels.
The country also forecasts world copper supply exceeding demand by 56,000
tons this year and 68,000 tons in 2014.
BHP is increasing production at its Escondida mine, in Chile’s arid north,
over 20%, while State’s owned Codelco is aiming to lift output to 1.7 million
tons with activity starting at its Ministro Hales mine, reports Diario
Financiero (in Spanish).