Chile faces copper smelting dilemma

Santiago

THE top copper-producing nation is facing one of its most important decisions in decades: invest billions to overhaul antiquated smelters or close them down and ship more unrefined material to Asia or Europe.

Chile, which supplies a third of the world's copper, has gathered ministers, executives, engineers and economists to devise a national smelting and refining policy that will be presented to President Michelle Bachelet next quarter. Talks begin as state-owned Codelco hunts for more savings in the biggest metal rout in seven years as China demand slows.