SÃO PAULO Chilean copper commission Cochilco said it expects Chile to boost its copper output by 3 percent in 2013 as the country looks to meet rising Indian and Chinese demand.
Chilean copper production will rise to 5.59 million tonnes by the end of the year, thanks largely to projects by Santiago, Chile-based Corporación Nacional del Cobre de Chile (Codelco), Cochilco said.
Preliminary figures from the organization indicate that Chilean output totaled 5.43 million tonnes in 2012, up 3.2 percent from 2011 output. The rise in Chilean copper production was mainly due to increased production at London-based BHP Billiton Plcs Minera Escondida project and London-based Anglo Americans Sur and Los Bronces projects.
The higher Chilean output comes at a time of rising global demand. World copper consumption rose 0.6 percent in 2012 to slightly more than 20 million tonnes, Cochilco said, with higher demand in Brazil, China and the United States compensating for lower consumption in Europe, India, Japan and South Korea.
Global copper demand is expected to grow a further 1.5 percent in 2013, amounting to 20.3 million tonnes, Cochilco said. It also predicted that demand would rise another 3.4 percent to a total of 21 million tonnes in 2014.
Cochilco forecast a roughly balanced supply-demand situation in 2013 and 2014, predicting a slight surplus of 56,000 tonnes in 2013 and 68,000 in 2014.