Debt-heavy Codelco forecasts muted growth

Two highlights of the copper calendar – Cesco Week and CRU’s World Copper Conference, both held in Santiago, Chile in early April – have come to a close, with attendees reporting a sense of cautious optimism among the world’s top copper producers and refiners, as supply growth starts to level off and copper prices modestly rebound. … While much talk in the copper community over the first quarter focused on short-term supply disruptions at the world’s three largest copper mines – Escondida in Chile, Grasberg in Indonesia and Cerro Verde in Peru – the presentations in Santiago tackled some of the industry’s longer term problems, including lower head grades, deepening mines with harder rock, water shortages and sociopolitical challenges. Chilean state-owned Codelco – the world’s largest copper producer, headquartered in the world’s largest copper-producing nation – best exemplifies the industry’s current spirit of planning for growth while recognizing financial and technical constraints. Continue reading at The Northern Miner.