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
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.