The miner believes a tightening global supply of copper will keep prices on the high-end of the spectrum this year and next.
Antofagasta Minerals Mining News
Miner said country offers more favourable conditions to start new projects than Chile, where Antofagasta has majority stakes in four copper mines and has just opened a new one — Antucoya.
Workers at Zaldivar are set to vote on a strike this week, while supervisors at Centinela mine have already decided it, but expect a government mediation mechanism to extend negotiations for at least five more days.
The company expects demand to increase 3% this year, while no new mines are scheduled to come online in the short-term and supply disruptions continue.
Chile's environmental regulator has drawn up nine charges against the copper mine for mismanaging water resources and nearby flora.
The Chilean copper miner said full-year production would be at the lower end of the 710,000 to 740,000 tonnes it predicted in January.
The appointment is effective immediately and Hernandez, who had been CEO since 2014, will remain as an adviser to the board.
The London Metal Exchange’s three-month copper contract fell as much as 1.4%, the most since Feb. 10, to $4,580 a metric ton.
Locals claim the dam has diverted the course of a local estuary, causing water shortages at a time of drought.
The proceeds of the sale will be used to reduce a debt pile of $13 billion with a target of wiping out $3 billion this year.
The ongoing slump in copper prices spells trouble for Chile's mining industry, where most medium-sized producers are already unable to make a profit.
The companies said no damages have been registered at the mines, but operations were cancelled for safety reasons.
This is the second time this year that the London-listed miner slashes its annual copper production guidance.
Mine will produce 50,000 tonnes of copper cathode per year.
The recurring phenomenon — a warming of the Pacific Ocean as part of a complex cycle linking atmosphere and ocean — has in the past affected mine output, triggering price spikes.
Torrential rain in Chile's desert region and environmental protests dented first-quarter output, forcing the miner cut its annual production forecast.
La Serena appeals court unanimously rejected a lawsuit presented by locals, which claimed the massive tailing dam had dried up a nearby stream and contaminated underground water.
Mostly due to a lower estimate from Anglo American's projects and the Zaldivar mine, which is operated by Barrick.
This is the second warehouse in less than two days the court suspends due to health risks from nearby particles.
The ruling claims the dam has diverted the course of a local estuary, causing water shortages at a time of drought.
Chilean mining firm Antofagasta expects a smaller-than-expected increase in production this year after posting annual output for 2014 in line with its guidance.
A study of about 40 explorers budgeting at least US$50 million total shows the larger players allocated a total of US$4.33 billion and accounted for 40% of the US$10.74 billion worldwide exploration total.