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Siemens Energy breaks ground in Chile on commercial-scale plant for producing CO2-neutral fuel - Chemical Engineering
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CEO Urges Chile Not to Single Out Mining in Poverty Fight
James Attwood, Bloomberg News Trucks transport minerals inside the Codelco Chuquicamata open pit copper mine near Calama, Chile. Photographer: Cristobal Olivares/Bloomberg , Photographer: Cristobal Olivares/Bloomberg
(Bloomberg) The copper producer owned by Chileâs richest family says broad tax reform probably will be needed to reduce the nationâs inequalities, and authorities shouldnât just single out mining.
A proposed 3% royalty on copper sales thatâs about to go before Chileâs senate would squeeze higher cost mines when prices of the metal inevitably fall, said Ivan Arriagada, chief executive officer of Antofagasta Plc, which is controlled by the Luksic family. The current sliding royalty on profit should be allowed to play out in todayâs high-price environment rather than introducing a new system, he said.
Despite wobbles, demand to push copper price
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Copper prices jumped again on Thursday on bets that the trend of rising demand remains intact despite hard-to-read daily market gyrations.
Copper for delivery in May jumped as much as 2.57%, with futures touching $4.137 per pound ($9,101 a tonne) on the Comex market in New York.
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Copper surged to the highest in almost a decade last month on strong Chinese buying and as investors poured into commodities on the prospect that vaccinations and stimulus would unlock a sharp global recovery. Since then, futures have retreated about 6% as the dollar and bond yields rose.
Copper wobbles mask ongoing demand strength, top supplier says
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