LME WEEK: INTERVIEW: No cuts to core copper projects, says Codelco chairman

Whatever happens in the copper market environment, state-owned Chilean copper producer Codelco will not cut output at its core structural projects.

That’s the promise from its chairman, Oscar Landerretche, who says the key to the company’s future is getting those central projects – at Chuquicamata, Andina and El Teniente – right. “All the announcements the ceo of Codelco has made about downsizing and optimising these projects, to be very frank, have absolutely nothing to do with copper prices,” he said. “They have to do with getting the mining and the engineering right. That’s what it’s about,” he told Metal Bulletin. “If we had to cut on something aggressively for a short-term reason, we would not cut on Codelco’s future,” he added. Copper producers are battling weak prices and slowing consumption growth in China, leading to worldwide efforts to reduce output, improve productivity and cut costs. Codelco still has “marginal places” that could be affected by a downturn, but they represent a very small proportion of the company’s production, Landerretche said. “Most...

Published

Andrea Hotter

October 13, 2015

16:20 GMT

London