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Copper cutbacks
Latin CEO: Executive Strategies for the Americas, Dec, 2001
Russian copper producers have joined Chilean mines in cutting production through 2002 in order to raise prices. The price of copper hit a 14-year low in November, down 20 percent since the beginning of 2001 (it has since rebounded somewhat). The drop has cost Chile US$130 million per month in export revenue.
Cuts include an 11 percent reduction at the Lnksik family's Antofagasta mine and a 10-percent cut at BHP Billition's (of Australia) Escondida mine, the world's largest.
COPYRIGHT 2001 CEO Publishing Group, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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