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SANTIAGO, Jan 14 (Reuters) - The chief executive of world No.1 copper producer Codelco said on Thursday that the Chilean state-owned miner will implement new cost-cutting measures to save $574 million in 2016 as the sector reels from the steep slump in metals prices.
Pizarro said Codelco was aiming for cash costs of $1.255 per pound this year, versus the $1.386 in 2015.
Copper hit fresh 6-1/2-year lows on Thursday on concerns that a spike lower in the oil price foreshadowed weaker global economic growth, but a recovery in Chinese shares helped limit losses. (Reporting by Fabian Cambero; Writing by Anthony Esposito)