REFILE-Global copper miners embrace cost cuts, reject production shutdowns
(Refiles to add Santiago dateline)
* Focus on operational efficiency, productivity
* CRU expects modest cuts below 100,000 tonnes
* Prices may need to fall below $4,400 for significant cuts
* Codelco aiming to cut cash costs to $1.26/lb this year
By Pratima Desai and Anthony Esposito
SANTIAGO, April 6 (Reuters) - Any lingering hopes of significant copper output cuts to offset slow demand growth from top consumer China and help balance the market have been laid to rest this week.
Instead, delegates and speakers at an annual gathering of the copper industry in Chile have come to the conclusion that a focus on cutting costs to survive low prices will dominate the agenda for some time.
Producers in essence are facing a "prisoner's dilemma" wherein no one wants to be the first to seriously scale back production for fear other miners will not follow suit and reap the benefits, industry sources say. Continuación...