UPDATE 1-Chile Sonami sees 2009 copper output at 5.4 mln T
Tue Mar 24, 2009 10:59am EDT
reuters.com
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SANTIAGO, March 24 (Reuters) - Chile's second-biggest mining association, Sonami, on Tuesday forecast Chilean copper output will rise 1.3 percent this year from 5.4 million tonnes in 2008, about 100,000 tonnes less than earlier forecast.
Sonami maintained its copper price outlook for the year of between $1.40 and $1.80 per lb, but cut its forecast for Chilean copper export revenues to $20 billion from a previous projection of $21.5 billion in January.
Chile, which mines more than one-third of the world's copper, produced 5.33 million tonnes of copper in 2008, about 4 percent less than in 2007. In January, Sonami forecast Chile would produce about 5.53 million tonnes.
Chilean copper output has fallen in recent years amid falling ore grades at its largest mines and after production interruptions at the massive Escondida mine, owned by global diversified miner BHP Billiton (BHP.AX)(BLT.L) and at divisions of Codelco, the world's No. 1 producer.
Output will rise in 2009 as new output capacity comes on line, experts say, but the increase will be muted as smaller producers exit the market and large operators cancel expansion projects. (Reporting by Rodrigo Martinez; writing by Pav Jordan; editing by Lisa Shumaker) |
