Copper prices will adjust to the background of Codelco nationalization

Codelco is Chile's national copper property

In brief: Chile is preparing for another turn of events for the national copper giant Codelco.

Copper prices could rise significantly. The Chilean Government is ready to part corporatize national copper producer Codelco in case of a public consensus on this issue. , Said Finance Minister Felipe Larren, speaking at an investment conference. “We do not have any ideological issues concerning the listing of shares Codelco. However, this would require constitutional reform. We do not want to force the issue or move on to the battles for the project, causing a hot public reaction,” – said F. Larren.

It should be noted that during the election campaign the incumbent president of Chile Sebastián Piner favored corporatization of the company. However, he later publicly rejected this idea because it caused much controversy. Thus, the head of the trade union federation FTC Raimundo Espinoza, who serves on the board Codelco, said that “workers will make every effort to protect Codelco, which should evolve and grow as a company 100% owned by all Chileans.” Earlier reports said that Codelco over 5 years to invest in their work, $ 15 billion The president said Chile SA Piner, thanks to these investments the company will be able to maintain position as the world leader in copper production. It should be recalled, that the corporation Codelco, according to British research company CRU, in 2009 retained its position as the world’s largest copper producer. At the same time in the I quarter of this year, Codelco increased production in comparison with I quarter 2009 on 3,2%, to 383.28 thousand tons of metal. Codelco – the largest national producer of copper and molybdenum in Chile. Specializes in the production of refined copper cathodes. The company has four mining units located in the northern and central parts of the country.

Ukrainian Globalist
2010-07-04 17:02, Commodities.

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