The Canadian miner's second-largest investor, Waterton Global Resource Management, has filed a lawsuit against the base metals producer in a bid to constrain its ability to solicit proxies.
Chile Mining News
Investment will go towards more drilling, orebody studies, infrastructure improvements and permitting activities.
Speaking on the sidelines of the World Copper Conference held this week in Santiago, chief executive Iván Arriagada said the company will only go ahead with the project if it meets Antofagasta’s return criteria.
If rubber-stamped by the senate, the move would give state-run KGHM a bit more room to breathe, as the miner has been struggling with rising costs, falling copper prices, technical problems and higher-than-expected capital spending in the past years.
Sociedad Química y Minera de Chile has a 5-year option to explore and earn an 80% interest in the Calvario and Mirador projects.
Chile's SQM, the world’s second-largest lithium miner, said expansion plans had gone better than expected and that sales would likely beat its forecasts for this year.
Tianqi's $4.1B purchase of a 24% stake in SQM went through in December, but the Chinese firm has faced push back.
In 2017, Chile's Superintendency of Environmental Affairs filed a notice saying the campaign violated the country's environmental regulations.
Codelco returns all of its profits to the state and is funded by a mix of capitalization and debt.
Demand for copper is expected to take off by the mid-2020s, but Chile is saddled with mines facing crippling declines in ore grades and a system that allows the bulk of its exploration concessions to sit idle.
Attempts to replace copper in a lithium-ion battery's anode with aluminum have failed so far, which bodes well for major copper miners.
KGHM's foreign assets have struggled with rising costs, falling copper prices, technical problems and higher-than-expected capital spending.
Last year the mine produced 560,000 tonnes of copper, placing it among Chile´s top three producing mines.
The company will retain its dividend policy of paying out at least 35% of underlying net earnings, but will pay out excess funds from the proceeds of sales to shareholders,
The company says that copper recoveries from low grade mineralized material went up following magnetite separation.
Giant mines currently under construction will churn out an additional one million tonnes of copper through 2023, but that won’t be enough.
The area around Los Bronces copper mine hosts 30% of Chile's copper resources and 10% of the world's.
The full $1.3 billion project cost is being debt financed by Los Pelambres.
Many in the industry have emphasized the importance of copper in the quest for a lower carbon economy.
Immersive Technologies has announced the winners of its Global Business Improvement Award 2018.
Teck Resources and Sumitomo have closed their $1.2B transaction, giving Sumitomo a 30% indirect interest in the Quebrada Blanca copper project.
The union threatened strike action in mid-March.
Pizarro said 18 labor negotiations at Codelco's mines affected its bottom line but that productivity increases kept costs in line with industry averages.
Output increase would position the mine, which produced 465,000 tonnes of the red metal in 2018, among the world's five largest copper operations.
The union intends to vote on a new contract proposal by Thursday and deliver their decision to management on Friday.