(Bloomberg) -- Codelco is using artificial intelligence to squeeze out more copper from its aging Chilean mines as suppliers of the metal look to boost efficiencies amid a dearth of new deposits and growing demand. Most Read from BloombergAuthor Salman Rushdie Stabbed on Lecture Stage in New YorkAnshu Jain, Deutsche Bank Chief in Trading Heyday, Dies at 59Extreme Heat Uncovers Lost Villages, Ancient Ruins and ShipwrecksTrump Calls for Release of Warrant Documents Used in SearchThe Fed’s Damage t
Glencore and Geneva-based commodity trader IXM SA have stopped supplying the Hebei-based metals group, the report said, citing people familiar with the matter. At the centre of the scandal is a storage site in Qinhuangdao that is holding only one-third of the 300,000 tonnes of copper concentrate that more than a dozen Chinese companies were financing, according to a report earlier this month by Bloomberg. The 13 Chinese trading companies - 12 of which are state-owned - are facing potential losses of as much as 3.3 billion yuan ($490 million) from the missing concentrate and have sent a team to Qinhuangdao to investigate and determine appropriate legal action, the Financial Times said.