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Chile’s state-run copper miner Codelco is poised to improve production this year and begin to climb from its lowest dip in a quarter century, the head of Chilean copper studies center CESCO said ahead of a major industry conference that starts Monday.
That goal appeared realistic, said Jorge Cantallopts, head of the Center for Copper and Mining Studies in Chile, the world’s top producer of the red metal. Output could rise at Codelco’s Andina, Salvador and Chuquicamata mines, he noted, even as challenges continue for structural projects – mega projects designed to extend the life of key mines and compensate for a drop in ore grades.CESCO last year warned that the company, which represents about a quarter of Chile’s copper output, could become insolvent if it didn’t meet production promises.
But copper inventory is yet to retreat so far, remaining at multi-year high of close to 300,000 metric tons.
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