The project is considered key for Codelco, as it is the only one that will allow the state-owned miner to increase production in the coming years.
The Arizona-based mining company also said it is partially suspending operations at the complex until mid-September, as it cuts mining rates in half.
Labour action threatened after half the workers at El-Abra mine in Chile – jointly owned by world's top copper miners Codelco and Freeport – were let go.
Chile's state-owned giant slashes costs 11% and boosts production as it takes the fight to the competition amid slumping copper price.
The miners expect significant savings and environmental advantages by combining the two neighbouring projects, which are only 40 kilometres apart.
Despite current adverse conditions, advisory firm Behre Dolbear is recommending mining stakeholders to focus on markets that have been able to ride the wave relatively well so far.
The price for the two assets could rise to $500m from $200m, depending on an eventual recovery of copper prices and the execution of an expansion plan for the Mantoverde mine.
New study shows mines throughout Latin America are dissatisfied with their Original Equipment Manufacturers (OEMs) over cost-related factors, in particular maintenance and servicing costs.
Cerro Grande said the events had adversely impacted operations at its Pimenton mine in Chile, and will have a negative impact on its fourth fiscal quarter, ending Sept. 30, 2015.
The red metal dropped to $5,012 on trading on the London Metal Exchange, approaching the level of $5,000 it last hit in late 2008.
Co-President Kelvin Dushnisky will take over as president as the world’s largest gold producer restructures management to boost efficiencies.
Codelco, the world's No.1 copper producer, confirmed it will start legal actions against protesters this week.
According to local newspaper El Mercurio, the unnamed fund is buying Anglo's Mantoverde and Mantos Blancos copper mines.
The proposed open-pit surface and underground spodumene mine will produce lithium, highly used in the manufacturing of batteries for cell phones and electric cars.
The company also said it will spend between $850 and $900 to produce an ounce of gold this year, less than its previous forecast of between $875 and $950.
A group of demonstrators, however, continued to block some access roads on Thursday morning, attempting to seize a bus that was heading to the nearby Gabriela Mistral mine.
This is the second time this year that the London-listed miner slashes its annual copper production guidance.
Things took a turn for the worse Friday, when a worker was shot dead by police near the company's smaller Salvador mine in northern Chile.
“It is a pretty tough market,” said Chief Executive Mark Cutifani, “and in all likelihood the next six months are going to be even tougher.”
The Vancouver-based miner profit fell 21% in the quarter, making it adjust its 2015 coal production forecast to 25-26 million tonnes from 26.5-27.5 million tonnes.
According to the Chilean Copper Commission (Cochilco) it would happen due to lack of appropriate technology.
This would be second multi-billion dollar impairment charge Anglo takes this year on its coal and iron ore assets.
It would be the first time since 2009 that Anglo has to cut dividends.
Though very few talk about it, Codelco is still suffering the consequences of a deal it signed with China's Minmetals back in 2006.
"Ideally the company should be broken up into a Chinese piece, a Turkish-listed piece and an 'other' piece."
China's central bank commitment to ensure policy remained prudent this year may mean no more monetary stimulus, which could see copper demand growth slow further.
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