Codelco has locked in copper-cathode supply contracts with European buyers at a premium of$ 98 a metric ton over benchmark prices, the highest since 2015.
Overall, Codelco, nationalized in the early 1970s, churned out 1.706 million tonnes of copper, the lowest level since 2008, when output was at 1.55 million tonnes.
Pizarro said Codelco estimated the copper price would land between $2.47 and $2.88 in 2019, a wide range he blamed on continuing global trade tensions.
Codelco, Chile's state-owned miner and the world's largest copper producer, recently launched a $39 billion 10-year investment plan to increase productivity in its mines.
Codelco, the world's largest copper miner, accounted for 1.734 million tonnes of global supplies last year, about 7 percent of the total estimated at about 23 million tonnes.
In contrast to the oil industry, private companies play the dominant role in mining.The exceptions are Codelco(Chile), Alrosa(Russian Federation) and KGHM Polska Miedz(Poland).
Codelco, the world's largest copper miner, accounted for 1.734 million tonnes of global supplies last year, about 7 percent of the total estimated at about 23 million tonnes.
Although CODELCO invested US$181 million in security and occupational health projects in 2013, Chileans still suffer the environmental costs of high levels of copper production.
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