Chile-focused miner also expects costs to rise on tailings dam expenditure.
Antofagasta Mining News
Up more than 3% after quake near the city of Calama in main copper producing region of the South American country.
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.
Zaldívar produced 102,000 tonnes of copper in 2016.
Zaldívar produced more than 100,000 tonnes of copper last year.
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.
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.
CEO of Chilean copper giant sees 300,000 tonnes surplus this year and next.
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.
The biggest winner was Anglo American (LON:AAL), which briefly posted its biggest ever one-day percentage gain, closing later still 15% up compared to the previous session.
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.
Worries over China's growth and its impact on commodity prices prompted broker downgrades for some of the industry’s biggest names.
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.
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.
Vancouver-based company contradicts earlier Bloomberg report saying it is in talks with Chile's Antofagasta about combining copper assets.
This is the second warehouse in less than two days the court suspends due to health risks from nearby particles.