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PrintChile is revising its copper price projections upwards this year, following the metal's sharp recovery since the start of the year, the country's mining minister, Santiago Gonzalez, said Wednesday.
"We think prices should stabilize around $2/lb," the minister said, noting that prices have rebounded to above $1.80/lb, from just $1.25/lb last December.
Earlier this year, the Chilean Copper Commission had projected an average copper price of $1.60/lb for 2009.
"This was a conservative outlook, it has been exceeded and we are very optimistic," Gonzalez said.
Speaking at the conference, the minister noted that Chile's mining industry was moving ahead with investments worth $25 billion over the next six years despite the collapse in copper prices in late 2008.
He forecast that Chilean copper production will hit 7 million tons by 2013, up from 5.33 millions in 2008. –Platts
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