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.
The funds will come from the company’s own 2014 profits, as the state-owned miner gives its profits to Chile's government.
Cuts likely to be announced at the end of the month, when the miner is set to publish its first-half results.
Production of the industrial metal jumped up 7.8% in May, when compared to April’s figures,despite dwindling ore grades in several of the country's aging copper mines.
BHP already operates the world’s largest copper mine, Escondida, which sits, quite literally, across the road from Zaldivar.
Teck is facing sanctions over infractions that include openings in the deposit where the ore is stored and a failure to build sufficient water infrastructure.
The 24-hour stoppage did not affect operations, according to the mine management.
Total for this year may be $7.7 billion, down from 2014's $8.7 billion and significantly lower than a record $10 billion in 2013.
According to the state copper commission, Chile’s portfolio of planned mining investments remains the largest in Latin America.
Chilean company Mineria Activa is stepping up efforts to grab some of that market in a much greener way than China,
Inspections that took place between 2013 and 2014, revealed 16 infractions, nine of which were considered very serious.
After spending over US$3.3 million in exploration and development of the Liberdade copper project, Codelco is facing Vale's claims that it has an older and still valid licence for the property.
Perhaps the most important aspect of today’s agreements is the fact that both aim to form long-term strategic partnerships to collaborate on further ventures, opening new markets for all the firms involved.
The deal is part of a long-term strategic cooperation agreement that will see Zijin and Barrick collaborate on future projects and joint investments.
With the acquisition Evolution Mining will become Australia's second largest gold producer.
Chile, the world’s biggest copper producing country, has warned that the global resources sector needs to pay far more attention to its environmental and social licence obligations if new projects worth billions of dollars are to get up.
The Chilean government has removed BHP Billiton's US$4 billion Spence copper expansion project from its 10-year development timeline, saying it expects the world's largest miner will miss its targeted deadline of first production by 2020.
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