Following $1.1 billion Congo mine sale Toronto-based copper-zinc miner announces inaugural dividend and strong operational forecast.
Chile Mining News
Decision follows a fresh attack by hooded protesters who seized installations over the weekend.
About 100 hooded protesters have seized parts of the copper mine, Anglo American's biggest operation in Chile.
Production costs in Chile, the world’s No. 1 copper producer, were 5.4% higher last year when compared to its global peers’ average.
While output was down for most commodities it mines and sales, it has improved earnings forecast for its trading unit.
Shares were up more than 5% after the firm posted higher output across all divisions, except for copper, and said market conditions for its diamond business had improved.
Private equity firm Mineria Activa acquired 90% of Pampa Camarones through a US$18mm capital increase in the company.
The miner plans using proceeds from the exercise of the purchase rights and any direct sales of Brio shares to reduce debt.
Chile's environmental regulator has drawn up nine charges against the copper mine for mismanaging water resources and nearby flora.
Mining-related income now accounts for just 1.5% of government revenues, down from a peak of over 34% in 2006.
Phase two of its Radomiro Tomic sulphide project and a new level at El Teniente, are the most affected projects.
The projects, many of them in the renewables sector, are expected to also boost machinery acquisitions and generate close to 3,000 new jobs.
Peru’s significant copper project pipeline and Brazil’s competitive iron ore sector will consolidate them as main drivers of investment in Latin America’s mining sector, says BMI Research.
Operations returned to normal in all areas, excluding around the location where an accident occurred on September 10, 2016, while investigations continue.
Los Bronces, Anglo American’s flagship operation, is expected to produce between 600,000 and 630,000 tonnes of copper this year.
Miners at one of Chile's largest copper operations walked off the job on Friday morning after rejecting the majority-owner's final offer in collective wage talks.
Salvador, Codelco’s smallest operation, has been battling to turn a profit after dwindling ore grades pushed up production costs.
Exploration at Hot Chili Ltd.'s Productora copper project, located in Chile, has uncovered a gold resource at Sierra Zapallo, prompting analyst Trent Barnett of Hartleys to upgrade the company to a Speculative Buy.
George Bee will assume as vice president of the Argentine side of the project effective Sep. 12.
Suspension of Maricunga comes earlier than planned after a court upheld the country’s regulator decision to shut down the water system linked to the mine over environmental concerns.
Despite a rebound in commodity prices and successful costs cuts, Glencore remained in the red in the six months to end-June.
Few disruptions could dump additional 230,000 tonnes onto already oversupplied market this year.
The country began shipping lithium to China this week, in what is considered the first step towards fulfilling its ambitions to becoming the world’s No. 1 exporter of the commodity.
To support the conversion of Chuquicamata, the largest open-pit copper mine in the world, to a large-scale underground mining operation.
The world's top copper miner admits to be facing its “worst crisis ever” since created in 1976.