The massive figure includes a recently announced $23.5 billion for state-owned copper miner Codelco to revamp century-old mines that are running out of profitable ore.
Close to 2,800 miners at Chile's Escondida mine, jointly owned by BHP Billiton and Rio Tinto, did not show up for work Monday morning, iddling a 1.2 million tonnes a year operation.
Polar Star Mining Corporation and Iron Creek Capital Corp. are pleased to announce that they have agreed in principle to merge the two companies via a statutory amalgamation, plan of arrangement or similar shareholder approved transaction (the “Transaction”), which will result in Polar Star acquiring all of the outstanding common shares of Iron Creek.
News of labour action at world's largest copper mine sends red metal 2.6% higher.
Productivity, followed by capital decisions and obtaining a social license to operate, are among the top risks global mining and metals companies face.
Colbun hopes to keep the massive $9 billion HidroAysen power project alive.
A 25-year-old female truck driver died when her vehicle flipped over near Antofagasta Minerals' Los Pelambres copper mine.
From the 5.8 million tons of copper produced last year, 1.2 million tons came from operations that are facing closure or conversion in 10 years.
Authorities say the firm violated 16 environmental rules at El Soldado copper mine, located about 130 km northwest of capital Santiago.
Tension has been a feature of the copper market since the middle of last year but, so far, the net result has generally been stalemate and prices have moved sideways.
Deutsche Bank analysts foresee a 2% to 3% earnings increase for the miners.
Pre-tax profit dropped 27% in the first half to $1.3 billion.
Jean-Paul Luksic, who was appointed in 2004, will now take a non-executive role with effect from Sep. 1st.
He sees it as a key part of the firm's ambitious investment strategy, which in the next stage will plow $25 billion to overhaul older mines.
Mines in Australia and Dominican Republic put on care and maintenance and Canadian operations' reserves depleted during first half of the year.
Japan already allocates 90% of its investment in Chile to mining.
This is the third project in the past four moths to be given the go-ahead after an initial unfavourable ruling.
Nelson Pizarro (73) will carry out the biggest investment plan in Codelco’s history.
The143-kilometre seawater pipeline is operational
Toronto-based miner has already spent $5 billion on the Chile-Argentina project first launched in 2006.
Division encompasses the Spence and Cerro Colorado copper mines.
The company says its future depends on the Andina mine expansion, as dwindling ore grades in its old mines are expected to bring annual output down.
Improvements at the mine mill throughput and concentrator utilization offset declining ore grades at the world's largest copper mine.
The Toronto-based firm has shown president and CEO Jamie Sokalsky the door two years into the job, and less than three months after a breakdown in merger talks with its largest rival.
The news come only weeks after the government announced it would begin funding explorations projects to locate deposits of the coveted elements.
Currently China is the second largest producer of the red metal, with an annual output of about 1.6 million tonnes per year.
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