Chile’s state-owned miner Codelco, the world’s largest copper producer, expects a drop of 40% in its output in the next 10 years if it has to stop or significantly delay its structural projects because of insufficient funding.

According to a report published by local newspaper Pulso on Tuesday July 15, a document was approved unanimously by Codelco's board on March 28 - before the appointment of three new directors - and was sent to the country's finance ministry to show the critical financial situation the company faced.  According to the document, lack of funding for its structural projects would lead to a significant drop in Codelco's copper production (1.79 million tonnes in 2013).

Source: Metal Bulletin