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Chile raises copper price forecast for this year

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Chile raises copper price forecast for this year

Santiago de Chile, Apr 16 (Prensa Latina) The state-owned Chilean Copper Commission (Cochilco) this week raised its estimate of this mineral's price for this year to 4.40 dollars per pound, authorities of this sector said on Saturday.
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In the face of a possible copper shortage due to the Ukraine conflict, the world’s leading copper producer also announced that, by 2023, the value will rise from 3.80 dollars to 3.95 dollars per pound.

Minister of Mining Marcela Hernando said that the increase is excellent news for Chile, as it will improve the investment environment for mining countries in the face of a scenario of global uncertainty.

However, she indicated that not all of this price increase will be translated into tax revenues, as fuel, steel, sea transportation and mining supplies prices in general will also rise.

COCHILCO data indicate that the global refined copper market will have a deficit of 104,000 tons this year, but it will have a surplus of 329,000 tons by 2023.

The Commission projected a production volume of 5.78 million tons of copper for this year, which means a year-on-year 2.6-percent increase.

Mining in Chile makes up about 10 percent of its GDP and plays a fundamental role in the country’s economic recovery after the Covid-19 pandemic.

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