SANTIAGO, Nov 18 (Reuters) - Production of molybdenum in Chile will likely rise to some 61,400 tonnes in 2015, a rise of around 16 percent from this year, a director of Chilean state copper commission Cochilco said on Tuesday.
The price of the copper offshoot, which is used in steel making, should rise to about $12 a pound in 2015, forecast Jorge Cantallopts, director of Cochilco’s studies and public policy, in a statement.
“Next year we think there will be a market surplus as a consequence of new projects and expansions like Sierra Gorda, Caserones, and (Peru‘s) Las Bambas,” he said.
Over half (35,400 tonnes) of Chile’s molybdenum in 2015 is seen coming from the projects run by state copper miner Codelco. Other significant producers are Antofagasta’s Pelambres (8,500 tonnes), Glencore and Anglo American’s Collahuasi (6,700 tonnes) and newly started KGHM’s Sierra Gorda (5,500 tonnes).
Chile is the world’s third largest producer of the metal, after China and the U.S., and holds some 21 percent of global reserves.
Reporting by Rosalba O'Brien; Editing by Chris Reese