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Chile's mining industry has lived through several booms (and busts) in more than a century of existence, but the current depression is particularly bleak, having followed the dazzling highs of the commodities super-cycle. Copper prices are down to pre-boom levels and not expected to recover in the near term. The CEO of Codelco recently dubbed the state giant's current predicament as its "worst crisis ever" which does not bode well for Chile's overall copper production. But Chile is still considered by many to be the best place in Latin America to invest in mining, and the country's copper reserves place it eons ahead of its nearest competitors in terms of in-the-ground potential. Whether or not large projects go ahead soon is perhaps more a matter of global mining investor confidence, which has yet to rebuild following the crash.
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