Codelco CEO sees copper price steady through 2020

Codelco Chief Executive Officer Octavio Araneda said on Thursday he expects the copper price to hold at around $2.80 per pound through 2020.

Araneda, who has led Codelco through the coronavirus crisis in Chile, told reporters on a tour of the El Teniente mine that uncertainty still reigned.

The copper price “depends on what is happening in the world…but at the moment, that is the vision we have,” he said.

Codelco, the world’s top copper producer, has largely maintained production through the pandemic, churning out the red metal even as it reduced staffing and adjusted shifts to fight the spread of the virus.

Araneda said the number of coronavirus cases had dropped “significantly” at the company’s mines, but said the state-run miner planned to keep operating in similar conditions for at least “another year” while the world awaits a vaccine.

(By Fabian Cambero and Dave Sherwood; Editing by David Gregorio)