Peru and Argentina are expected to attract more investments in the copper sector than Chile in the 2008-2012 period, Chilean brokerage LarrainVial said on November 14, 2007.
One of the reasons is that Chile is expected to produce 1.1 million tonnes of copper annually, which will be less than Peruvian and Argentine output.
Peru is the third biggest copper producer worldwide, accumulating 7.0 pct of the world output, after Chile with 35 pct and the USA with 8.0 pct. Peru is expected to post a 6.0 pct rise in its 2007 copper output and to produce more than 1.11 million metric tonnes.
Peru and Argentina are opening their copper market to foreign investment, a process, which has already started in Chile, Chilean Mining Minister, Karen Poniachik, said. There also is a process of displacement of foreign investments from Chile to Peru and Argentina, Poniachik added.
The Chinese gold producer Zijinc, for example, acquired the shares of British mining company Monterrico Metals in the copper project Rio Blanco, in the Piura department, northern Peru.
Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: November 15, 2007
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