Codelco Prepares Investment in Mongolian Copper, with Average 2017 Copper Price at $2.60/lb

SHANGHAI, Aug. 15 (SMM) – Codelco is preparing to invest copper mine projects in Mongolia as copper market improves, foreign media reported. 

The world's second largest copper producer said it was in line to meet its 2017 copper production target of around 1.7 million tonnes, but output was expected to fall by 3 or 4 per cent in 2018 on a yearly basis. 

The producer also predicted that the average 2017 copper price of above $2.60 per pound, significantly higher than recent years. 

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