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Gold/Mining/Energy : Copper - analysis

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To: Cal Gary who wrote (1521)	12/14/2006 12:35:40 PM
From: Stephen O	Read Replies (1) of 2131

Codelco Cave-In Caused Loss of 15,000 Tons of Copper 2006-12-14 09:54 (New York) By Heather Walsh Dec. 14 (Bloomberg) -- Codelco, the world's biggest copper producer, said a July cave-in in Chile at its largest mine reduced output by about 15,000 metric tons. Executive President Jose Pablo Arellano also said in a news conference in Santiago today that Codelco is considering legal action against the companies that designed and built the tunnel that collapsed at its Chuquicamata mine. The accident was caused when supports used to reinforce the tunnel walls gave out, said Arellano, who said there was a design ``error.'' The accident in northern Chile cut production at the mine from July 23 to about Sept. 15, when government-owned Codelco restored output to levels prior to the collapse. The reduction in output helped bolster copper prices, which have climbed 42 percent in 2006. The loss is equivalent to 0.9 percent of Codelco's estimated 2006 output, based on an October company forecast. Codelco forecasts production of about 1.7 million tons this year, compared with 1.73 million in 2005. --Editor: Stroth (jvb).

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