Chile's state-owned Codelco, the world's largest copper miner, said on Thursday the super cycle of high copper prices was over, and said it was taking measures to address slumping prices for the red metal.

"The super cycle has come to an abrupt end," Codelco Chief Executive Jose Pablo Arellano told reporters in Santiago.

"I would like to give reassurances that Codelco has been able to overcome low prices, even ones much lower than they are currently," he said, adding that company mining plans were based on long-range prices. "We are going to take all the measures necessary to deal with this situation."