Codelco Boosts Investments

Chile’s state-owned copper company Codelco plans to boost investment 25 percent at its largest mine next year to expand output for China, the world’s biggest copper consumer and the company’s number one customer. Spending at Codelco’s northern division will rise to about $1 billion from $800 million this year, part of a plan to increase output almost 22 percent by the end of 2008. Copper prices currently stand at $1.44 a pound, more than double the 14-year low of $.60 a pound in November 2001.