Earthquake rattles Chilean economy

Marketplace Staff Mar 1, 2010
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Earthquake rattles Chilean economy

Marketplace Staff Mar 1, 2010
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TEXT OF INTERVIEW

Bill Radke: Secretary of State Hillary Clinton will visit Chile tomorrow
to get a first-hand look at damage from Saturday’s massive earthquake. Chile’s economy will take a hit from the earthquake. Marketplace’s Nancy Marshall Genzer joins us live from Washington. Nancy, good morning.

Nancy Marshall Genzer: Good morning.

Radke: What’s the latest?

Marshall Genzer: Well as you said, Chile’s economy will take a hit. Chile is one of the key copper exporters in the world, Bill. At least three copper mines in Chile were closed after the earthqauke, and those mines produce more than a fifth of all copper in Chile. But the two biggest copper mines in Chile were not affected by the earthquake. Those mines may not have been physically damaged, but the earthquake did still restrict their production. Some mines lost power, there are problems with some roads leading from mines to ports, some ports are closed. Not suprisingly, copper prices have jumped to their highest levels in more than five weeks.

Radke: I didn’t realize copper was that big an industry in Chile. What else about Chile’s economy might take a hit here?

Marshall Genzer: Well, Chile’s a big wine exporter. It’s not clear how many lives have been lost in the wine-producing regions of the country. It’s also not clear how much damage has been done to vineyards. But the road damage and the power failures that we talked about a minute ago were obviously also impacting wineries.

Radke: Marketplace’s Nancy Marshall Genzer joining us live. Thank you so much.

Marshall Genzer: You’re welcome.

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