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.
The news come only a day after the project executive director in Chile, Eduardo Flores, told local media that Barrick was hopeful it could find a way forward with the long-delayed mine.
Finishing the project would take time and around $4 billion more of what Barrick has already invested.
A global survey of over 5,300 job seekers sheds some light on the issues in the war for talent which the Mining sector continues to face.
The world’s biggest copper producer will, in turn, procure goods and services from Canadian companies.
The move comes as Chile's Supreme Court halted the $3.9 billion gold and copper project last month.
Another contractor died at the mine only two weeks ago.
Costs and challenges for mining the Arctic, meanwhile, on their way up.
Data published by the National Statistics Institute of Chile (INE), shows the country’s copper output has dropped by 5% during the month of September this year.
Value of low-grade ore stockpile at the Peñasquito mine dropped, raising average costs by $64/oz. and negatively affecting adjusted earnings by $0.04/share.
It grants the world's No.1 copper miner an injection of US$4 billion for the next four years.
Once again Cutifani delivers — freight from Minas-Rio leaves for China by year-end and within the latest estimated budget.
The world’s biggest miner unveiled details about how it expects to meet cost-reduction and productivity improvement targets.
The giant copper miner is also planning to sell about $8 billion of bonds over the next five years to help finance a nearly $30bn investment program aimed to revamp its aging mines.
The firm is developing a trio of staggeringly huge copper deposits on the Chilean-Argentine border that contain a total of over 28 billion pounds of copper and 19 million ounces of gold resources (only two of the deposits have resource estimates on them).
The country’s environmental authority criticized the Top Court decision saying the miner conducted proper consultation with local indigenous groups and shouldn’t have to do it again.
Get Mining News and Alerts
sent to your inbox daily