Chile's Codelco Copper Price to Drop
The world’s largest copper producer, Codelco, anticipates a profit drop as copper prices fall. Results for the first half of 2008 were down 12 percent from the first half of 2007 – $4.108 billion to $4.669 billion.
Citing what it called a provisional and unofficial 2009 Business and Development Plan (PND 2009) by the state miner, El Mercurio said company profit would hit $808 million in 2012, less than a tenth of record profit levels in 2006 and 2007.
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The most recent drop in copper was not considered when Mercurio put their PND report together.
Separately, Codelco said Wednesday in London that the premium for refined copper in Europe will be around $80 a tonne for 2009, compared to $115 per tonne this year.
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Wed, Oct 15, 2008
Post by Mike Rodger, Copper Reporter