Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Chile, the world’s top copper exporter, saw revenue from the export of the red metal surge in February, the central bank said on Monday, as the global copper price soared to highs not seen in a decade.
Copper exports jumped 65% over the same period the previous year to $3.879 billion, the bank data showed.
The price of copper shot above $9,000 a tonne for the first time in February since 2011, as a nascent global economic recovery has prompted demand to boom for the commodity, used in global construction and manufacturing sectors.
Surging copper shipments helped boost overall exports 41% to $7.071 billion in February, the bank said, contributing to a yawning trade surplus of $1.516 billion.
Imports also rose 31% to $5.555 billion, the bank said.
(By Dave Sherwood; Editing by Kevin Liffey and Louise Heavens)
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