The U.S. Interior Department on Wednesday renewed two mineral leases near the Boundary Waters Wilderness area in Minnesota.
Antofagasta Mining News
A trade war between the United States and China is depressing the price of copper and the red metal would be 5% to 15% higher without the dispute, Jean-Paul Luksic told El Mercurio.
Coalition has gone to court challenging a Trump administration’s decision that opened the door to Twin Metals’ copper, nickel and platinum project in a wilderness area of Minnesota.
The document divides operations into six levels, from zero (entirely manual) to five (fully autonomous), and assists in the preparation of a business case for autonomous mining, depending on level and needs.
The company's star in the first quarter was its Centinela mine, which produced 68,800 tonnes of copper, 45.5 % higher than 2018.
Speaking on the sidelines of the World Copper Conference held this week in Santiago, chief executive Iván Arriagada said the company will only go ahead with the project if it meets Antofagasta’s return criteria.
The full $1.3 billion project cost is being debt financed by Los Pelambres.
Both companies are seeking to extend existing permits to draw water from Chile's water-constrained Salar de Atacama.
The Chilean miner expects demand to outstrip supply in 2019 as consumption growth remains positive, but production increases continue to be minimal.
Developing of one of the world's biggest untapped copper and gold deposits is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms.
Antofagasta's copper production rose 3 percent to 725,300 tonnes last year, allowing the company to weigh potential expansion projects.
The miner produced 220,000 tonnes of the red metal in the three months to December, up 16% from the previous quarter, boosted by higher throughput and improved copper grades.
The report does have a caveat.
It was supposed to be a year of mine disruptions, with the market anticipating that multiple labour contract expiries would result in at least one strike.
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.
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.
Ivan Arriagada, chief executive of Antofagasta, said he expected copper prices to be affected by global uncertainty.
Chilean copper producer Antofagasta said first-half core earnings fell 16.2 percent from a year earlier.
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.
Codelco just achieved a new, less enviable mantle -- the only major mining company with an all-male board and senior management team.
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%.