A raging seven-year drought affecting copper-rich Chile is making miners grow anxious, with BHP and Anglo American already reporting an impact in their operations.
The region of Latin America covers one-sixth of the Earth and produces more than its share of the world’s three most important metals – iron ore, copper and, of course, the ubiquitous gold.
Anglo’s assets up for grabs include three mines and a smelter valued at $1 billion.
ENAMI, Chile's mining-development agency, will buy copper from small mines at above the market price to protect operations from closure.
Codelco, the world's largest copper company, is planning to reduce costs by $1 billion in 2015, as the copper price remains mired in lows not seen since recessionary 2009.
The firm became the first major mining company to openly accept the toll that slumping commodity prices are taking on the global industry.
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.
The operations that may be added to the list of assets for sale are Dawson and Foxleigh, in Queensland.
New evidence has emerged of China's interest in digging for oil, gas a minerals in the frozen continent.
With Duluht’s acquisition, Antofagasta takes control of the Twin Metals project, located in north-eastern Minnesota, which is set to become its first operation outside Chile.
The measure would only be imposed to miners that consume more than 150 liters (40 gallons) of water per second.
Pre-tax profit for the year was a bit over US$3 billion, a decline of $760 million when compared to 2013.
In the meantime, the miner will receive silver produced at three other Barrick operations in South America.
The court refused to consider the appeal on procedural grounds. Chile's environmental regulator will now have to re-evaluate the administrative fines for over $16 million it imposed on the project.
The new law could seek to limit mining companies' ability to replace workers during strikes.
The touted expansion of the world's largest underground copper mine is two to three years behind schedule and will require $2 billion more than initially planned, said the company.
Credit Suisse downgrades world's number on gold miner citing risks posed by $13 billion debt and permitting, tax challenges.
In this interview with The Gold Report, Ecclestone explains that canny juniors are choosing past-producing properties, which boast dependable resources estimated by majors and already existing infrastructure. And he names two current gold producers he believes are woefully undervalued.
The miner became the latest company to spin off non-core, underperforming assets.
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.
Miner may try replicate partnership with other of its stalled projects, such as Pascua Lama in South America.
South America has been a major beneficiary of the 2000s gold bull, party to some big discoveries by the mining companies flocking there.
That would constitute a substantial rally after Friday's 4% drubbing of the red metal in New York.
This is the first time mining engineers, geologists and other highly educated employees go on a strike at a privately owned mine in Chile.
These are not very good news for the energy-starved copper producing nation.
Glencore and X2, a company set up by former Xstrata boss Mick Davis, are among the suitors of the Chilean copper assets put up for sale by global miner Anglo American.
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