An amusing paradox: China needs copper for its rural electrification programme, and its supplier of choice is Chile, whose copper production has been suffering from power cuts.
But for Codelco, Chile’s state miner and the world’s largest copper producer, the stakes are very serious. It forecast this week that China’s rural electrification programme could increase demand for copper by 1m tonnes over the next two-and-a-half years.
That’s over $70bn worth of copper at current prices.
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