http://www.miningweekly.com/article/codelco-2011-copper-output-up-27-profit-surges-21-2012-03-23

Codelco, which produces roughly 11% of the world's copper, appeared optimistic about the copper market, which CEO Diego Hernandez has said he expects to be tight.

"With regards to the copper market's long-term fundamentals, expected growth for China and other emerging market nations -- which are in a stage of development that requires a more intensive use of copper -- and the appearance of new uses and applications for copper, could sustain consumption growth at levels above the historical average," Codelco said.

"On the supply side, the ageing and decreasing (ore grades) of current deposits, the increasing complexities of new projects and the rising geopolitical risks in new mining districts present a challenging outlook," the miner added.