Copper output in Chile, the world’s top producer of the metal, is expected to increase 4% in 2019 and continue to grow steadily during 2019 due to stronger performance from major mines, upgrades to existing operations, and lower risk of labour strikes.
Antofagasta PLC Mining News
The company said the expansion, to start in early 2019, would add an average 60,000 tonnes of copper a year to its production over the first 15 years of operation.
The Zaldívar copper mine in Chile, a joint venture between Antofagasta and Barrick, will be able to replace greenhouse gas emissions equivalent to 350,000 tonnes per year, or about 87,000 vehicles annually.
Company now expects to produce between 705,000-725,000 tonnes this year, down from the earlier 705-740,000 tonnes target.
The London-listed company said in February it had received environmental approval for the three-stage infrastructure upgrade.
Mining companies around the globe are joining an industrywide push for gender equality and launching initiatives to increase the proportion of women working in mine pits, smelters and refineries.
Production in the second-quarter of the year jumped 6.1% to 163,200 tonnes, as higher output at its Centinela and Antucoya mines mitigated declines at Los Pelambres and Zaldívar.
A common target for the thieves is Antofagasta Plc’s logistics unit Grupo FCAB, which owns and operates about 700 kilometers of railway lines used to transport cathode and semi-processed copper.
Chile-focused miner said proceeds from the sale would enable it to focus on its core activity of producing copper.
Zaldívar signed a new power plant supply agreement with Colbún to produce copper with 100% renewable energy.
Trumps administration will soon be “taking the first steps” to rescind a move made by the Obama administration to put the national forest off limits to industry activity.
The miner said it would take up to three months for stocks to return to normal, which will affect both projected output and sales in the six months ending June 30.
Copper production fell to 153,800 tonnes from 171,900 tonnes, due mostly to lower grades at the company's Centinela and Los Pelambres mines.
Chile-focused miner is raising its dividend by 177%.
Unionized workers company’s latest offer for a collective labour agreement.
Chile-focused miner also expects costs to rise on tailings dam expenditure.
This is the second deal the Chilean miner signs with Vancouver-based Evrim Resource.
Representatives of major mining companies believe the global copper market will be balanced for the foreseeable future even as mine supplies tighten and demand from China, the world's top consumer, remains strong.
Despite the quarterly increase in net cash costs Antofagasta said the 2017 costs would be below the $1.30 per pound previously forecast.
The miner believes a tightening global supply of copper will keep prices on the high-end of the spectrum this year and next.
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 International Center for Settlement of Investment Disputes (ICSID) said Pakistan violated several provisions of its bilateral investment treaty with Australia, where the joint venture between Barrick and Antofagasta is incorporated.
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.