Top global producer sees surplus this year and next as mines pump out more metal and predicts decline in copper price from today's levels through 2017.
Chile Mining News
Barrick Gold has reduced its debt load, reshuffle management and sold several assets.
The world's largest gold producer, reported a quarterly loss, compared with a year-earlier profit, as asset sales impacted production and realized gold prices fell.
Most shareholders hope that Catherine Raw persuades management to stop prizing output over profitability and, instead, place more emphasis on investors’ returns.
Confidence returns to mining sector as announced capital outlays surge to $108 billion – greenfield project spending up three-fold in first quarter.
Full voting results will be released on Friday.
Chile's Codelco said that it loses about 1,500 tonnes of copper output for each day El Teniente mine remains inactive.
Operations at two of the world's largest copper mines have been suspended following a weekend deluge in central Chile.
The Cauchari-Olaroz project, in northern Argentina, is forecast to initially produce 40,000 tonnes of lithium carbonate equivalent a year.
Decision would reduce the total investment needed to $600 million from the whooping $3 billion it was originally estimated.
Peru's output surges, North American producers slip down the rankings and Chinese mines shut down.
The appointment is effective immediately and Hernandez, who had been CEO since 2014, will remain as an adviser to the board.
Codelco is facing mounting internal pressure to acquire Anglo's stake in Los Bronces mine, in which the Chilean miner already has a 29.5% interest.
He will receive $3.4 million for his work in 2015, including compensations and pension, a significant reduction from the almost $13 million he pocketed in 2014.
For every penny copper prices drop, Codelco loses $36 million and Chile, the world's largest producing country, $50 million.
Class action claims that Barrick repeatedly and knowingly misled shareholders about whether Pascua-Lama complied with environmental regulations.
About $1 billion of the total write-down was due to copper projects in Chile and revisions to the long-term price outlook.
Bidders include former Barrick Gold CEO Aaron Regent's company, Magris Resources, and Chilean energy firm Copec.
The infractions include not implementing measures to control emissions, altering the natural habitat for native wildlife, and operating a tailings dam in an unauthorized fashion.
The government has set aside some $20 million through June to assist small and medium miners
Codelco says current copper rally will be short-lived.
Analysts believe that Barrick’s partner in Papua New Guinea, Zijin Mining Group, could be the one to help turn Pascua-Lama into a success.
They are at the sharp end of a commodities downturn which has led half of all the small mining operations in top copper exporter Chile to shut in the last eight years.
The miner is completely exiting coal and selling several assets, to focus only on copper, diamonds and platinum.
Firms says the affected pipe only carries ground ore mixed with water.