{"id":369907,"date":"2010-02-27T12:55:00","date_gmt":"2010-02-27T17:55:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/chile-earthquake-effect-on-copper-2010-2"},"modified":"2010-02-27T12:55:00","modified_gmt":"2010-02-27T17:55:00","slug":"heres-what-we-know-right-now-about-the-earthquakes-effect-on-the-chilean-copper-industry","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/369907","title":{"rendered":"Here&#8217;s What We Know Right Now About The Earthquake&#8217;s Effect On The Chilean Copper Industry"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4b895b8c7f8b9a8549db0300-351-263\/chile-copper.jpg\" border=\"0\" alt=\"chile copper\" width=\"351\" height=\"263\" \/><\/p>\n<p>The copper market <a href=\"http:\/\/www.businessinsider.com\/copper-traders-nervously-await-sunday-600-pm-2010-2\">re-opens tomorrow evening<\/a>, and earthquake-struck Chile is the world&#8217;s major player.<\/p>\n<p>Here are some key background facts courtesy of <a href=\"http:\/\/www.mbendi.com\/indy\/ming\/cppr\/sa\/cl\/p0005.htm#Facilities\">Mbendi.com:<\/a><\/p>\n<ul>\n<li>Chile accounts for 30% of the world&#8217;s reserves.&nbsp;<\/li>\n<li>Its share of global production is even higher, at 35%.&nbsp;<\/li>\n<li>17% of the countrys&#8217; exports go to China. The US, France, and South Korea account for another 30%.<\/li>\n<li>Copper accounts for 40% of the nation&#8217;s exports.<\/li>\n<\/ul>\n<p>Now, here&#8217;s some of what&#8217;s known right now, courtesy of <a href=\"http:\/\/www.reuters.com\/article\/idUSN2717827520100227?type=marketsNews\">Reuters<\/a>:<\/p>\n<ul>\n<li>About one-fifth of the country&#8217;s production has already been suspended.<\/li>\n<li>The mines closest to the epicenter of the quake are Anglo-American&#8217;s Los Bronces and El Soldado. They produce 280,000 tons per year.<\/li>\n<li>The main <a href=\"http:\/\/www.alertnet.org\/thenews\/newsdesk\/N27202760.htm\">state-owned firm Codelco<\/a> is only expected to be closed for two days. (<em>Wikipedia: <a href=\"http:\/\/en.wikipedia.org\/wiki\/Codelco\">Codelco<\/a><\/em>).<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.businessweek.com\/news\/2010-02-27\/chile-hit-by-8-3-earthquake-tsunami-alert-issued-update2-.html\">Bloomberg<\/a> also has an assessment and notes that most mining is done well to the north of the quake, and that so far, miners are saying they&#8217;re largely unscathed. <span style=\"color: #ff0000;\"><strong>Rio Tinto says its prize Escondido copper mine (the world&#8217;s biggest) is not affected.<\/strong><\/span><\/p>\n<p><span style=\"color: #ff0000;\"><span style=\"color: #000000;\">As for oil, <a href=\"http:\/\/twitter.com\/PlattsOil\/statuses\/9743744409\">Platts<\/a> is reporting that all refining has been shut down, taking 230k b\/d off the market.<\/span><br \/><\/span><\/p>\n<p>So the initial flash doesn&#8217;t sound too bad. But here&#8217;s what we&#8217;re waiting to hear: <em>What is going to be the effect on transportation of copper? To what extent will the destruction and various waves effect sea-based exports?<\/em><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/chile-earthquake-effect-on-copper-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/tsunami-fears-in-hawaii-following-massive-earthquake-in-chile-2010-2\">Tsunami Fears In Hawaii Following Massive Earthquake In Chile<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/chile-struck-my-massive-88-magnitude-quake-2010-2\">Chile Struck By Massive 8.8 Magnitude Quake<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/copper-traders-nervously-await-sunday-600-pm-2010-2\">Copper Traders Nervously Await Sunday 6:00 PM<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/jwQxetRGT-Y\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The copper market re-opens tomorrow evening, and earthquake-struck Chile is the world&#8217;s major player. Here are some key background facts courtesy of Mbendi.com: Chile accounts for 30% of the world&#8217;s reserves.&nbsp; Its share of global production is even higher, at 35%.&nbsp; 17% of the countrys&#8217; exports go to China. The US, France, and South Korea [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-369907","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/369907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=369907"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/369907\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=369907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=369907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=369907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}