UK Sunday Times 10.04.16
Coppers long winter of low prices could stretch to 2019, according to the new boss of Antofagasta.
Ivan Arriagada 52, was promoted last week to chief executive at the London listed miner, one of the biggest producers of copper in the world.
He told the Sunday Times this weekend that he would focus on cutting costs and improving efficiency as the company grapples with a global glut of the metal.
He said "The market will be in surplus for the next two or three years. We dont expect a rebound in prices in that time"
Knocked by the slowdown in China, the price of Copper has more than halved since its high of more than $10,000 a ton in 2010. The metal is used to conduct electricity in power lines and appliances.
Four times as much Copper is used in an electric car than in an equivalent petrol-fuelled model.
Arriagada said natural decline rates of mines and the metals importance for a variety of technologies means it is the commodity " best placed for a recovery"
Simon, York. UK
Who Am I
I am a 60 yr old long term share holder, massively (for me) underwater. I wont ever sell.
I took a risk, read too much Vette.
I smile about it now. He was good!
Good Luck to all
