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SANTIAGO. – Codelco, the world’s leading copper producer, is planning an increase in its production beginning in 2009 in order to take advantage of a surge in demand for the metal. Nevertheless, the state-owned company’s CEO, José Pablo Arellano, has said that the growth will be organic in nature and will not be achieved through acquisitions.
On the eve of the VII World Copper Conference (CRU), which will be held this week in Santiago, Arellano stated that the company does not have plans to take part in the wave of purchasing that has marked the copper industry in recent years.
Arellano said that he predicts 2008 production to be around 1.6 million tons of copper, not including production at El Abra. The figure indicates a production level similar to that of 2007. Meanwhile, in 2009, production is expected to grow to some 1.7 million tons of copper.
The Codelco leader also maintained that the company has not ruled out the possibility of turning to world markets in order to finance the growth, as it has done in the past.