Chile Reviews How it Funds Codelco

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About two months ago, Chile’s government began reviewing how its funding Codelco.

Codelco is “struggling to finance an ambitious, multi-year investment plan, previously estimated at about $27 billion…The government has awarded Codelco $1 billion for 2013, an amount which the miner deemed insufficient,” reports Reuters.

“‘We are analysing how we give Codelco money but have not made a decision yet. Problem is, more money to Codelco is less money towards education, infrastructure, etc,’ said Chile’s mining minister Hernan de Solminihac, who was in London to attend a major mining industry event, LME Week.”

On Tuesday, October 8, the day’s biggest mover was the cash price of Japanese copper, which saw a 1.0 percent increase. The price of US copper producer grade 110 fell 0.3 percent. The price of US copper producer grade 122 saw a 0.3 percent decline. The price of US copper producer grade 102 weakened by 0.2 percent.

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Chinese copper prices were flat for the day. The price of Chinese copper bar saw little movement. For the fifth day in a row, the Chinese copper cash price remained essentially flat. The price of Chinese copper wire saw essentially no change for the fifth day in a row. The price of Chinese bright copper scrap continues to hover for the fifth day in a row.

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On the LME, the 3-month price of copper inched up 0.3 percent to $7,204 per metric ton. After a 0.3 percent increase, the primary copper cash price finished the day on the LME at $7,171 per metric ton.