Freeport-McMoran beats second-quarter profit estimates
The company benefited from higher copper prices.
Chile’s copper production will likely rise by 0.6% to 5.82 million tonnes in 2020, state copper commission Cochilco said on Monday, and to 5.99 million tonnes in 2021.
Cochilco estimated that the copper price will average $2.75 per pound in 2020, before rising to $2.90 per pound in 2021.
In August, Cochilco’s price estimate was $2.62 per pound for 2020 and $2.85 per pound for 2021.
Baldo Prokurica, the mines minister, said in announcing the Cochilco figures on Monday that the higher price estimate was due to positive expectations on demand from China, economic recuperation, a drop in copper inventories and the increasing likelihood that a coronavirus vaccine will be widely available within the first six months of next year.
Victor Garay, Cochilco’s markets coordinator, said projections were contingent on possible second waves of the virus which could result in movement restrictions and impact production as well as demand.
(By Aislinn Laing; Editing by Edmund Blair and Jason Neely)
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