UPDATE 1-Codelco CEO Sees Turbulent Copper Markets Continuing-Shanghai Metals Market

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UPDATE 1-Codelco CEO Sees Turbulent Copper Markets Continuing

Industry News 10:13:05AM Apr 17, 2013 Source:SMM

  SANTIAGO, April 16 (Reuters) - The chief executive of world
No. 1 copper producer Codelco said on Tuesday he
remains optimistic about prices for the red metal, adding that
current market price volatility should continue in the
short-term.
    It is too early to speak of a slowdown in top metals
consumer China, Thomas Keller, the CEO of the Chilean state
miner, told reporters in Santiago.
    "We're going to keep living with turbulence in global
financial markets, and this will translate into high copper
price volatility," Keller said. "We expect news to have an
impact (on prices) in the short-term."
    Copper prices rose on Tuesday on hopes that the outlook for
growth and demand from top consumer China would improve in
coming months and the market was digesting a hefty fall in the
previous session.
    Codelco, which produces roughly 11 percent of the world's
red metal, expects to increase output to a record this year,
boosted by its newly acquired slice of the coveted Los Bronces
deposit and the launch of production at its Ministro Hales mine,
Keller told Reuters last week.
    The Chilean state company's previous production record was
the 1.796 million tonnes mined in 2011.
 
    Keller said the planned $6.8 billion expansion of Codelco's
massive Andina mine would not affect water supply and is
designed to have a 'minimal' impact on glaciers.
    Environmental groups have blasted the project, saying it
will hurt glaciers and harm Santiago's water supply.
    The expansion plan seeks to lift Andina's annual copper
output to around 600,000 tonnes, which Codelco needs to offset
fading production at other mines with dwindling ore grades.
    Codelco presented the project for environmental approval in
January. "We're completely at peace with the critical approach
we've given this project in all its dimension," Keller said on
Tuesday, adding the company was reviewing neighboring
communities' observations about the project.
    A Chilean court last week suspended construction of Barrick
Gold Corp Pascua-Lama mine project while it weighs
claims by indigenous communities that the mine destroys pristine
glaciers and harms their water supply.
    "We don't want another Pascua-Lama," environmental group
Greenpeace has said of the Andina project.

Key Words:  copper price 

UPDATE 1-Codelco CEO Sees Turbulent Copper Markets Continuing

Industry News 10:13:05AM Apr 17, 2013 Source:SMM

  SANTIAGO, April 16 (Reuters) - The chief executive of world
No. 1 copper producer Codelco said on Tuesday he
remains optimistic about prices for the red metal, adding that
current market price volatility should continue in the
short-term.
    It is too early to speak of a slowdown in top metals
consumer China, Thomas Keller, the CEO of the Chilean state
miner, told reporters in Santiago.
    "We're going to keep living with turbulence in global
financial markets, and this will translate into high copper
price volatility," Keller said. "We expect news to have an
impact (on prices) in the short-term."
    Copper prices rose on Tuesday on hopes that the outlook for
growth and demand from top consumer China would improve in
coming months and the market was digesting a hefty fall in the
previous session.
    Codelco, which produces roughly 11 percent of the world's
red metal, expects to increase output to a record this year,
boosted by its newly acquired slice of the coveted Los Bronces
deposit and the launch of production at its Ministro Hales mine,
Keller told Reuters last week.
    The Chilean state company's previous production record was
the 1.796 million tonnes mined in 2011.
 
    Keller said the planned $6.8 billion expansion of Codelco's
massive Andina mine would not affect water supply and is
designed to have a 'minimal' impact on glaciers.
    Environmental groups have blasted the project, saying it
will hurt glaciers and harm Santiago's water supply.
    The expansion plan seeks to lift Andina's annual copper
output to around 600,000 tonnes, which Codelco needs to offset
fading production at other mines with dwindling ore grades.
    Codelco presented the project for environmental approval in
January. "We're completely at peace with the critical approach
we've given this project in all its dimension," Keller said on
Tuesday, adding the company was reviewing neighboring
communities' observations about the project.
    A Chilean court last week suspended construction of Barrick
Gold Corp Pascua-Lama mine project while it weighs
claims by indigenous communities that the mine destroys pristine
glaciers and harms their water supply.
    "We don't want another Pascua-Lama," environmental group
Greenpeace has said of the Andina project.

Key Words:  copper price