Chile - Special report on the economic outlook (Vol. 2 of 3) : Annexes 1 & 2 : Industry & Copper

Report No. 551 -CH FILE COPY Special Report on the Chilean Economic Outlook (In Three Volumes) Volume II: Annex 1: Industry : -r Annex 11: Copper October 18, 1974 Latin America and the Caribbean Not for Public Use Document of the International Bank for Reconstruction and Development International Development Association This report was prepared for official use only by the Bank Group. It may not be published, quoted or cited without Bank Group authorization. The Bank Group does not accept responsibility for the accuracy or completeness of the report.  CURRENCY EQUIVALENTS The exchange rate is being adjusted at short intervals in line with domestic and international inflation. Unless otherwise specified the following rates have been used in this report (annual averages): Year Escudos per US dollar 1968 6.80 1969 9.00 1970 11.75 1971 12.21 1972 18.10 1973 88.75 1974 750.00 1 FISCAL YEAR January 1 - December 31 j/ Mission estimate.  ANNEX I INDUSTRY TABLE OF CONTENTS Page No. A. Introduction .................................... 1 B. Timber-based Products .................... ...... 1 C. Manufactured Foodstuffs ....................... . 4 D. Metal Products and Engineering Industries ...... 6 E. Other Industries ,... 9   ANNIEX I INDUSTRY A. Introduction 1. This Annex provides a brief description of the principal industrial sub-sectors which are expected to grow in the medium term, with special emphasis on the possibilities for expansion of manufactured exports other than refined copper. 2. Chile boasts an extraordinary natural resource endowment which has already provided the basis for a relatively high level of per capita income. A diversification of effort and development of the non-copper resources for which world demand prospects are particularly encouraging, oriented toward export in more processed or elaborated forms, would reduce part of the balance of payments strain which in the past had limited growth and thus would promote further economic progress. In addition, the country's links with a growing Andean market will permit development of substantial employment opportunities in advanced industries in which there already exists considerable technological skill and experience. 3. Assuming these trends in external demand and the implementation of policy objectives to which the present Government is committed, as discussed in the main body of the report (see Chapter V), it has been concluded that manufactured exports (excluding refined copper could be expected to rise from three to four percent of total output which was achieved in 1970, to eight to ten percent by 1978. 1/ Estimates for the principal product categories are found in Appendix Table 3.8. B. Timber-based Products 4. The main category of manufactured exports is currently the timber- based products, primarily pulp but also including paper and sawn-woods. The industry has shown sharp growth since the mid-1960s and, with expected strong world demand, there are excellent prospects for further expansion. This will require measures both of a short and longer term nature to improve the raw material supply. (a) Current Output Trends 5. Production of chemical pulp is based on long-fiber wood available from pine plantations which were initiated in the 1940s. The first pulp mill (Laja), completely privately owned by the Compania Manufacturera de Papeles y Cartones (CMPC), began producing in 1959 with a capacity of 75,000 tons/year of unbleached Kraft pulp; by 1966 its capacity had been raised to 1/ In 1973, these manufactured exports represented no more than two percent of industrial output.  - 2 - 225,000 tons/year, the bulk of the expansion destined for export. In both 1968 and 1969, it exported about 120,000 tons but rising domestic demand in 1970 and 1971 reduced exportable supplies slightly. In 1972 and particularly in 1973, exports fell sharply, owing to production problems and an unfavorable exchange rate. In 1974, the plant is expected to resume full production and to export some 100,000 tons, a level which will probably be maintained for the next two to three years. 6. In 1968, construction began of a mill (Arauco) to produce 120,000 tons/year of high grade bleached kraft pulp entirely for export. The plant initiated production at the end of 1971 but for various reasons it has not yet achieved full capacity, producing 55,000 tons in 1972 and 75,000 tons in 1973 of various grades. In February 1974 it experienced a technical failure which could severely curtail its operations for the entire year if a solution were not found quickly. Originally considered for export primarily to LAFTA countries, the possibility for penetrating other export markets in the longer run was anticipated by adopting a construction design which would permit relatively rapid and economical doubling of production capacity. The plant was begun as a joint venture between CORFO and a foreign firm but in 1972 the former assumed complete ownership. 7. Construction of a second plant exclusively for export was initiated in 1969 (Constitucion), with capacity for producing 175,000 tons/year of unbleached kraft pulp. The mill, wholly owned by CORFO, is expected to begin operations at the end of this year. 8. Based upon the above three plants, pulp exports which amounted to $22 million and about 90,000 tons in 1973 should rise in 1974 to about 200,000 tons valued at between $60 and $70 million, depending upon external price trends during the year. By 1975, export volume should approach 300,000 tons. (See Appendix Table 3.8.) 9. There also exists a small chemical pulp mill (Nacimiento) which has been operating since the mid-1960s and which is integrated with a newsprint plant absorbing all its output, slightly under 20,000 tons/year. The total production of newsprint was originally intended for export but until recently the company (INFORSA) had difficulties in competing in world markets, in part due to the high cost of the chemical pulp component whose production is not efficient at its current size. The firm has received export subsidies from CORFO but has been permitted to sell part of its output locally. In view of the need to improve the competitive position of this enterprise, it may have to close down its chemical pulp mill. Newsprint capacity is 65,000 tons/year but, with the various difficulties experienced, output in 1971 through 1973 was below that level; in 1974 it is expected to reach full production, about three-fourths of which will be exported.  10. A second complex for newsprint production, owned by CMPC and drawing its chemical pulp inputs from Laja, has a capacity of about 55,000 tons/year supplying both domestic and export markets. As in the case of INFORSA, it uses mechanical pulp from local short fiber woods. After also experiencing a decline in production in 1972 and 1973, it expects to restore full output in 1974 and to export about one third of that total. 11. The newsprint exports in 1972 and 1973 (30 to 35 thousand tons) were less than one-half the volume achieved in the peak year of 1970. It is expected that in 1974 the recovery in output will permit a level of exports only slightly below that peak but with considerably higher value as a result of the more than doubling of export prices. Further expansion in exports will be moderate given the supply situation. 12. Since 1967, a substantial export has been developed of special card paper used in data processing; this item is manufactured at Laja by a facility jointly owned by CMPC and a US firm. It is a high value product whose price per ton has been as much as twice that of newsprint or pulp. Following the declines in output in the previous two years, 1974 production is expected to be at capacity of 18,000 tons, with exports amounting to 15,000 tons, levels which should be maintained for the next few years. 13. A substantial productive capacity exists for other paper products (100,000 tons), mainly writing and wrapping papers including Kraft and some containerboard. At present, this is entirely for the domestic market but some exports are expected in the next few years from the increments to output. 14. The remaining major timber-based export is sawnwood, about two- thirds of which is currently based on pine. The industry has undergone considerable changes in recent years with a reduction in the number of sawmills accompanied by modernization and expansion of facilities; never- theless, there remain about 300 enterprises. Exports have fluctuated rather sharply since 1965 but current prospects are extremely promising and 1974 exports estimated at $9 to 10 million should exceed the volume and value levels achieved in 1974 and 1971, the previous highest recorded. (b) Raw Material Supplies and Future Expansion Possibilities 15. Chile has exceptionally advantageous conditions for pine growing with yields in existing plantations ranging from 16 m3 to 25 m3/hectare, the latter characterizing the Arauco area; this compares with yields of 8 m3 to 10 m3/hectare in Scandinavia. The existing supply of pine, based on some 300,000 hectares of plantations, is considered approximately fully utilized by the currently installed processing capacity, including those plants which will begin production in 1974. Some industry officials believe that there may in fact be a shortage of this input in the period 1980 through 1985 because of previous failures to follow through with scheduled planting programs and an even tigher supply problem after that unless a major expan- sion of such program is immediately undertaken.  - 4 - 16. Nevertheless, while it is not possible to consider any major new facility of the size of an efficient chemical pulp mill in the immediate future, there are many possibilities for small and medium size sawnwood, plywood and similar operations, as well as some expansion of existing mills. To permit these increments to output, it will be necessary to promote further integration of sawmills and related activities with pulp mills to achieve better utilization of residues, as well as to improve forest management practices. In addition, better use will have to be made of indigenous short-fiber woods which exist in considerable quantities. 17. Much experimentation has already been undertaken of local species which provide the basis for the mechanical pulp-newsprint operations described above. A proposed expansion of the Laja chemical pulp facility of the order of 30,000 tons/year, to be used mainly for Kraft paper, is based on soft fiber wood. 18. Moreover, feasibility studies are now being conducted to examine the possibility of using the short-fiber species found in the more southernly provinces of Chile for producing pulp and woodchips for export to Japan. The studies are being undertaken jointly by CORFO and Japanese consultants and it is hoped that the results will be available before the end of the year. Should the conclusions be positive, construction of the mills could begin by 1976 with production commencing in 1978. 19. There exist also possibilities for major timber projects which could be initiated for production within the next two or three decades based upon massive reforestation and planting programs in the unutilized open land areas of the south. Such proposals would require very substantial financial and organizational efforts by both the public and private sectors which could be considered once the more pressing short- and medium-term difficulties have been solved. 20. Another longer-term development which will also require analysis is the possibility of developing facilities for production of dissolving pulp and rayon. With the costs of producing synthetic fibers expected to rise sharply as a result of the increase in petroleum prices, some industry sources anticipate growing demand for wood-based textiles. C. Manufactured Foodstuffs 21. Within this sub-sector, the principal export category has been fish and shellfish products. A fishing activity with little manufacturing content has long been established, supplying fresh seafood to the local market. In response to the growth in world demand for fishmeal and frozen shellfish, considerable investment was undertaken beginning at the end of the 1950s to provide processing facilities for these items. While there has been a rela- tively steady expansion in the shellfish catch, production and export of fish products have fluctuated sharply owing to the changes in the availability of the anchovy catch. The peak year for export value for the category was 1971 when it reached almost US$50 million (see also Appendix Table 3.3).  Volume of Fish and Shellfish Catch in Selected Years, 1961-1972 (in thousand metric tons) 1961 1964 1967 1970 1971 1972 Fish 388.8 1,093.6 969.0 1,082.3 1,396.5 690.4 of which: anchovies 259.1 934.0 705.4 782.9 966.9 367.9 Shellfish 40.9 67.7 83.8 99.1 97.8 101.6 of which: shrimp 2.4 5.9 10.0 9.7 9.2 7.7 lobsters 8.1 10.7 20.0 40.4 37.6 33.1 Source: Ministerio de Agricultura, Division de Pesca y Caza. 22. In 1972 and, according to preliminary estimates, 1973, a deterio- ration in the fishing fleet due to inadequate maintenance and the problem of anchovy availability resulted in severely reduced levels of production and export. At the end of 1973, it was reported, one-third of the fishing vessels were unable to operate. Some recovery in activity is expected in 1974 as efforts are made to improve the fleet; preliminary information on the catch also indicates better conditions for anchovy supplies. Export values which amounted in 1973 to $12 million for fishmeal and $7 million for frozen shellfish should be substantially higher in 1974. 23. The uncertainty over the natural resource, the lack of knowledge of its characteristics and potential for development, has tended to dampen expansion plans for the mnedium and longer term. Thus, an oceanographic survey is urgently required. This study should cover not only the currently exploited species and waters but also other sources of protein which are known to exist in the more southern waters of the Chilean coast. 24. The bulk of the shellfish exports are packed frozen but a small trade has developed in canned products. Some canned fish are also exported. One of the factors which has tended to limit trade in these containers is the cost and quality of cans, as well as their availability; in the case of shellfish, these are items with high value per unit of volume so that can costs have less bearing on competitive position but this is not so for fish. 25. Another food industry with export growth potential is canned fruits and vegetables. During the 1960s some trade had been initiated in canned temperate zone fruits (e.g., peaches) particularly to the nearby countries with tropical and semi-tropical climates. These exports declined in the 1971-1973 period as a result of the prevailing low exchange rate and are not expected to resume until 1975 because of the disorganized state of the canneries at the time of the 1974 harvest. Of considerable interest are prospects for rapid expansion of trade with the Andean countries where the steps which have already been taken to liberalize intra-trade favor the entry of these items from Chile.  -6- 26. As in the case of fish, the supply of cans is an important factor in the country's competitiveness for these products. In addition, in the past Chile's production costs were affected by the relatively high cost of domestically produced sugar which is used in the canning of fruits; while current world market conditions have eliminated that problem for the present, this may not continue to be the case. Reflecting partly these considerations, a number of investment projects have been prepared for canning fruit pulps --in large containers and without sugar--for export to developed countries which use these items for further processing in specialty foods (e.g., in frozen meals, ingredients for baking). These pulps take maximum advantage of the favorable natural conditions the country offers for growing fruits. Facilities for production are expected to be operating by 1976, linked with cold storage plants to permit year-round processing. D. Metal Products and Engineering Industries 27. The copper fabricated products industries have recently recorded relatively large export values as a result of the tight supply position in world markets. An exception to the general disorganization of industry during the 1972-73 period, output of this branch was only slightly down but there was a sharp fall in exports until a more appropriate exchange rate was introduced by the new Government in late 1973. In the last three months of the year, substantial shipments were recorded. The 1974 export volume is expected to be only slightly higher than that achieved in 1973 (15,000 tons) while its value will rise considerably as a result of the price increase (see Appendix Table 3.8). 28. The branch is essentially oriented towards the domestic market, producing a wide variety of items including tubes, plates, wires and cables. About one-third of the volume of 6utput is exported but the bulk of this is cable for high voltage transmission; some tubing is also exported. 29. Medium-term export growth prospects appear favorable in view of the projected continued strong world demand but the industry remains cautious. In the past when tight supply conditions did not prevail, Chilean exports had difficulties in penetrating external markets, in part owing to protec- tionist policies among industrialized and neighboring countries and in part to the fact that in the developed countries the marketing and distribution channels are dominated by the large international companies. Moreover, for the simpler fabricated products such as wire and rods, the value added is small in relation to the additional transport and handling costs in the absence of measures taken to improve those services. Prospects for special products with higher value added (e.g., enamelled wire) are considerably better particularly within the Andean Group and new projects for these items are already in preparation, with production and export expected to begin in 1976. Some expansion is also planned for the production of tubes looking toward export markets.  -7- 30. Medium- and long-term growth prospects for exports of the metal- mechanical industries, now completely domestic-market oriented, appear to be excellent, especially to the Andean countries. Within the programs of regional integration of selected sub-sectors already approved by the Andean Commission, a number of items assigned to Chile are products in which the country has gained some know-how and experience in production (e.g., trans- formers, small compressors for refrigerators, and small motors). CORFO is now undertaking market and feasibility studies for 11 of the 22 items included in the first sectoral program. Partly financed through a loan from the Andean Development Corporation (CAF), the studies are to be finished in mid-1974. The latter organization is also considering loan applications for a number of projects in this branch which have already been elaborated; it is, in addition, financing part of the copper products expansion mentioned in the previous paragraph. 31. Chile has built up capacity in a number of capital goods items which it has been supplying for its own mlneral and other investment programs (e.g., boilers, mine transport equipment, steel transmission towers); the expected expansion of both ferrous and non-ferrous mining will stimulate further growth. In addition, attempts are being made to export these products to other Andean countries particularly those engaged in mineral development. In order to make these plants more efficient, improving their competitive position, a major effort at reorganization of the existing mechanical engineering industries will be required. The efficiency of individual enterprises is hampered by a lack of specialization and measures to rationalize production would yield important economies of scale. A number of these firms were intervened during the previous regime and, prior to their return, the Government has been considering their reorganization, including bringing together in single enterprises similar activities now undertaken by different workshops. 32. The sub-sector encompassing electrical household appliances has been one of the most highly protected through tariffs and import controls. Production of these items are subject to considerable economies of scale and the current Chilean market size is well below their economic minima. In addition, the turnover tax system has encouraged excessive vertical integration so that the manufacture of various components of common usage which could be more efficiently produced by firms specializing in those elements is dispersed and is relatively high cost. 33. While local demand for these products grew rapidly during the 1960's, more moderate expansion is expected in the next few years. Some attention is being given to export possibilities within the Andean Group where these items are subject to gradual liberalization with eventual free trade and a common external tariff. At the present time, Chile's ability to compete with other producers within the Group is not clear; price comparisons at the retail level in Santiago in February 1974 indicated  - 8 - local prices some 75 to 125 percent above levels prevailing in the United States. However, as noted earlier, compressors used in refrigerator manu- facturing are included in the regional metal-mechanical program and allo- cated to Chile. 34. Automobile assembly and parts production is another branch which has received considerable protection. This industry is highly dispersed and grossly inefficient; there are currently six vehicle assembly plants in operation producing 15 auto and jeep models and 3 truck models, with total expected production in 1974 at around 25,000 units. In 1965, there were 20 assembly plants producing 28 models and 9,000 units. Possible future changes in the structure of industry, in particular government policies towards it, are dependent upon present negotiations within the Andean Group to define a regional agreement on both the assembly of vehicles and production of parts. 35. At the present time, under a bilateral agreement with Argentina, there is an interchange of parts which amounts to between $3 and 4 million for each country annually. In view of the existing structure of the industry in both countries, with the trade taking place under highly protected conditions, there is concern over the excessive real domestic resource costs of many of the parts involved. In the analysis of effective protection, 1/ some attention should be given to this aspect to permit the drawing up of a more rational development strategy for this sub-sector. 36. Critical to the expansion of various branches is the development of basic steel output. About 90 percent of the country's production comes from the integrated steel mill at Huachipato, owned by the Compania de Acero del Pacifico (CAP), the remainder from small electric furnaces based on scrap. During the period 1968 through 1972, the country produced more than 90 percent of its total net requirements but output fell sharply in 1973 due to production difficulties. It is not likely to rise significantly in 1974 as a result of the need to undertake previously delayed overhauls of equipment. Production will suffer while the equipment is being changed to accommodate a major expansion program now underway at Huachipato. Thus, imports in 1973 and 1974 were or will be of the order of 20 percent of domestic consumption. 37. The current expansion program of CAP will raise production from 650,000 to one million tons but, because of the various delays experienced, this will not be completed before 1977 at which time Chile's total needs for steel will be roughly met by domestic output. The program will reduce unit costs. The expected rate of growth in domestic consumption will require consideration of a further expansion in production facilities by the early 1980's. 1/ See policy issues discussion in Chapter V of the main report.  -9- E. Other Industries 38. Growth prospects for other branches of industry producing exclusively for the local market will depend not only upon the trends in aggregate demand but also their ability to compete with imports. One of the major problem groups is textiles which has been a principal beneficiary of past protec- tionism. In addition, efficiency in the sub-sector has been adversely affected by the turnover tax which has encouraged vertical integration at the level of the enterprises; weaving plants currently undertake such processes as finishing and dyeing normally contracted out to specialized firms. 39. In spite of the fact that the market for textiles is sufficiently large to have permitted domestic competition (given the limited economies of scale which exist for spinning and weaving), this has not occurred and the industry has long been considered one of the most highly cartelized in the country. The largest firms were intervened during the previous regime. While the return of the majority of these enterprises to their previous owners in January 1974 was subject to conditions designed to stimulate competition, the objective would most directly be achieved through lifting restrictions on imports of these items. A number of textile products remained on the limited list of commodities issued in April 1974 whose imports were still subject to 10,000 percent prior deposit. 4o. For the medium-term, it is unlikely that this industry will experience more than a vegetative growth, more or less equal to the increase in national income. Export possibilities appear rather limited due to the high dependence on imported inputs and with no apparent labor cost advan- tages relative to the major textile exporting countries. A possible excep- tion to this, but for the longer-run, might be the development of an expanded rayon fiber and textile branch based on cellulose from the country's timber resources (see Section B of this Annex). There is likely to be need for investment to replace obsolete equipment in order to compete with imports; this is one of the oldest industries in the country and, with the exception of the establishment during the 1960's of plants for synthetics, very little modernization has occurred in the last 10 to 15 years. 41. The chemical industry (excluding petrochemicals) has its origin in plants established under heavy protection for producing such consumer goods as pharmaceuticals and cosmetics. During the 1950's and early 1960's production was initiated on a small number of industrial chemicals of general use, as well as specifically for the pulp and paper, textile and leather processing industries. Given the limitations of market size in relation to the economies of scale which exist for chemical production and to the intra-industry links which are extremely complex, this branch has grown moderately (see Appendix Table 3.3). Nevertheless, some exports have developed within ALALC, benefitting from concessions, and within the Andean Group for penta-erythritol which has wide industrial use (in Chile parti- cularly for explosives for mining) and chrome-based tanning ingredients. Further expansion of facilities for producing these items for exports is now underway.  - 10 - 42. The petrochemical industry presents excellent prospects for future expansion but, given the lead time required for design, construction and coming on stream of these plants, substantial growth cannot be expected before the end of the 1970's. One major installation now exists, Petrodow at Concepcion, a joint venture of a US firm (70 percent majority ownership) with CORFO and ENAP. The plant began operations in 1970 but because of the difficulties experienced in the 1971-1973 period, it has never achieved full output. It was intervened in October 1972 and returned to its original owners in January 1974. Owing to the maintenance problems encountered at that time, it does not expect to be able to reach normal output until the beginning of 1975. 43. The plant produces PVC and polyethylene, using ethylene from a nearby petroleum refinery owned by ENAP and chlorine from a nearby chemical plant (Petroquimica Chilena) owned by ENAP and CORFO. 1/ The local demand for the two petrochemical outputs does not exhaust supply but, with growing world demand for these items, there has been no problem in exporting the balance. With production expected to rise as the plant undergoes repair, the bulk of the increment will be exported. 44. Possibilities for expansion of the branch are based on the natural gas found in the extreme south, at Magallanes. At present proven reserves amount to 64,000 million cubic meters which would provide 11 million cubic meters/day assuming life span of 20 to 25 years; however, additional testing is now going on with expectations for finding additional fields. An ambi- tious development program to utilize this resource is now being considered and will require careful study before investment decisions can be made, in view of the magnitudes of the costs involved, particularly the foreign exchange components. A substantial share of the output of the latter complex will be for export; it is unlikely however that production could start before 1980. 45 The natural gas contains some ethane in addition to methane, its principal component. It is proposed to use the former as a feedstock for producing ethylene, the local requirements for which are now supplied from oil refineries. Even with some expansion in local demand during the rest of this decade, the bulk of the output of this facility would have to be for export. However, the plant capacity which is now being proposed (120,000 tons per annum) is generally considered to be about the minimum economic size for a plant using ethane as a feedstock. 1/ Most of the chlorine produced by this plant is used in nearby pulp and paper mills as is the caustic soda, the co-product.  COPPER Page No. MAP iii I. INTRODUCTION ..... .................................... 1 A. The Copper Sector in Chile - History and Structure ..................................... B. Chilean Copper Production ............... . ..... .. 3 C. The Process of Primary Copper Production ........ 4 II. RECENT DEVELOPMENTS .......................... 5 A. Expansion Program of 1965, Gran Mineria .... ..... 5 B. Financing of Gran Mineria Expansion .... ......... 7 C. Expansion of.Medium and Small Mines and Processing Facilities ..... ................. 7 D. Recent Problems in the Copper Sector and Productionk.Outlook ................ 8 a. Gran Mineria ........................... 8 b. Medium and Small Mines .................... . 14 C. Present Situation and Outlook . ........... 15 E. Chileanization and Nationalization ... ........... 17 a. Recent Developments ........... .. ........... 17 b. Chilean Participation in Mixed Companies, 1967 .......... .. ........... 19 F. New Agreements with Foreign Companies in 1969 ... 19 a. The Nationalization of 1971 . ............... 20 b. Taxation of Large Copper Companies ........ . 22 G. Overprice Mechanism ...... ....................... 23 a. Combined Impact of Change in Taxation and Ownership ................................... 25 b. Present Tax Status and Payments of Gran Mineria ...... ..................... 26 III. WORLI COPPER OUTLOOK ...... ........................... 30 A. Projection of Primary Copper Production ........ . 30 B. Projected Copper Consumption ................... . 31 C. World Copper Prices ............. .. .............. 33 D. The Outlook for World Copper Prices ............ . 37 IV. COPPER AND CHILE'S BALANCE OF PAYMENTS .. ............ 41 A. Chilean Copper Pricing .............. . ...... 41 B. Marketing of Chilean Copper ...... .......... 42  Annex II - Copper Table of Contents (Continued) Page No. C. Structure and Direction of Chilean Copper Exports ............................. 43 D. Balance of Payments Outlook .................... . 44 E. Future Impact of Nationalization ................ 45 STATISTICAL TABLES 1 Chile - Copper Production, 1940-1985 2 Chile - Primary Copper Production (1960-1973), by Type and Sector 3 Copper Production Gran Mineria, 1969-1974, by Months 4 Copper Production Gran Mineria, 1973, by Months and Mine 5 World Mine Production of Copper, 1950-1973 6 World (ex CPE's) Copper Mine Production by Major Producing Countries, 1959-1973 7 World Primary Copper Consumption, 1950-1972 8 World Refined Copper Consumption, 1950-1972 9 Prices of Copper, 1969-1969 10 Copper Prices (London Metal Exchange, U.S. and Chilean Producers), 1954-74, by Months 11 Nominal and Real Prices of Copper, 1948-1985 12 Copper Price Projections, 1974-1985 *13 Chile - Copper Exports by Type and Destination, 1959-1973 14 Chilean Copper Exports by Destination, 1959-1973 15 Chile - Copper Exports and Total Exports, 1964-1980 16 Gran Mineria Investment, 1967-1973 17 U.S. Government Stocks of Copper, 1950-1974  IBRD-2723R I EC B c .......................Iquiqueo oXS v 1SM \t ~~~~~TocopillaR, c;et n s, t @ ; >+ t Michila5(gEXOt9 /Y | Montos Blo44S. 0 ANTOFAGASTA / The boud aie hwno thin maP do not imply endorsement or acceptnce bY the World Bank and its f1ateu.. :