Intergovernmental Council Of Copper Exporting Countries
The Intergovernmental Council of Countries Exporters of Copper (CIPEC) (French ''Conseil intergouvernemental des pays exportateurs de cuivre'') was created in 1967 in Lusaka with the objective of coordinating policies of the country members looking for growth in the revenues coming from copper. Composition It was initially constituted with four members, Chile, Peru, Zaire and Zambia. A further four were added to the cartel in 1975 - Australia, Indonesia, Papua New Guinea and Yugoslavia. CIPEC represented around 30% of the world's refined copper, and more than 50% of the proven reserves of copper. The intent of the members to secure higher prices failed, particularly of increasing the price during the crisis of 1975-1976, and the subsequent change in Chile's economic system finally ended the cartel. Many experts consider that the market power of this cartel was negligible, because the residual demand that it faced was elastic (much higher than OPEC, for example). The inability of ...
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