Chile Mining News

Record $8.5 billion likely spent in 2011 exploring for gold

Research firm Metals Economics Group reports gold continues to be top exploration target accounting for more than 50% of global exploration of non-ferrous metals for the second consecutive year in 2011. Latin America is set continue to be the industry's favorite regional exploration destination in 2011, while Canada will remain the top overall country. Copper will account for roughly a fifth of 2011 nonferrous exploration budgets that is expected to exceed US$17 billion for expenditures related to precious and base metals, diamonds, uranium, and some industrial minerals. It represents an increase of about 50% from the 2010 total and a new all time high.

Apogee to acquire the balance of its Chilean venture

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2011) - Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) provides the following update with respect to its agreement with Valencia Ventures Inc. ("Valencia"). Further to previous news releases issued by the Company (October 5, 2009 and December 21, 2010), the parties have now agreed that Apogee will purchase all of Valencia's participating interest in Compania Minera Valencia Ventures – Chile Limitada ("Compania Minera"). Compania Minera holds Valencia's entire 80% participation interest in each of the Cachinal Property and the Nueva Juncal Silver Property, both located in northern Chile, (Figure 1), for an aggregate purchase price of $500,000 in cash and 3,000,000 common shares of Apogee.

Outotec to deliver concentrator technology for Codelco in Chile

Outotec has signed a contract with Chilean Codelco, the leading copper producer in the world, for the design and delivery of concentrator technology to Codelco's new Mina Ministro Hales mine in northern Chile.

Chinalco Yunnan Copper signs Chile farm-in pact with Rio Tinto

Chinalco Yunnan Copper Resources Ltd. (CYU.AU) said Thursday it signed an agreement to earn a stake in a copper exploration project in northern Chile with Rio Tinto PLC (RIO).

Outotec to deliver concentrator technology for Codelco in Chile

Outotec has signed a contract with Chilean Codelco, the leading copper producer in the world, for the design and delivery of concentrator technology to Codelco's new Mina Ministro Hales mine in northern Chile. The contract value is approximately EUR 24 million, half of which was booked in Outotec's second quarter and the rest in the third quarter order intake.

Copper market getting tighter and tighter: Commerzbank

Copper supplies are getting tighter on higher Chinese imports and copper mine strikes around the world. Decreased availability of high quality ore is also expected to support copper prices. ?Copper is getting tighter and tighter due to supply problems.

Force majeure lifted at Escondida

Reuters reports that force majeure was lifted at Escondida on Friday at Escondida, the world's largest copper mine. The Chilean mine, whose majority owner is BHP Billiton, was under force majeure on July 27 after a union strike. Force majeure is a clause in legal contracts that frees a party from meeting its obligations due to events beyond its control, such as strike or civil unrest or extreme weather.

Atacama narrows loss on strong iodine prices

Atacama Minerals Corp. (TSX VENTURE:AAM) ("Atacama" or "the Company") is pleased to provide the following report on the financial and operating highlights for the second quarter period ended June 30, 2011. The Company recorded significantly higher gross profits of $1.9 million for the quarter representing a 64% increase over the same period last year. Enjoying a 19% increase in iodine prices and a 15% increase in iodine sales volume, the Company's net loss was narrowed to $117,000 compared to $650,000 in the second quarter of 2010.

Cerro Colorado union accepts BHPB pay offer and strike averted

Business News Americas reported that the union at BHP Billiton's Cerro Colorado copper mine in Chile on Friday voted to accept the company's pay offer to renew labor contracts for 41 months starting February 1st 2010.

50,000 Chileans battle police against billionaire president

Reuters reports 50,000 protesters battled police in Chile's capital on Thursday, the second day of a two-day strike against unpopular President Sebastian Pinera. A recent poll put the right-wing leader's approval rating at only 26%, below even that of dictator General Pinochet, who ruled the country for 17 years from 1973. The protests follows recent strikes in the copper sector over pay and a campaign against a massive coal mine on an island in Patagonia amid accusations that billionaire Pinera’s shareholding in the developer, Copec, constitutes a serious conflict of interest.

Labour Disputes Permeate Copper Market

The copper market has continuously been plagued with labour disputes for years, however, this year strikes have been especially prevalent with workers believing that they are entitled to larger pay cheques and benefits as they perceive that their employers are “raking in the cash” on the back of high metals prices.

Billionaire Chile president's pet coal project could be his final undoing

Chile is proceeding with a massive coal mine on an island in Patagonia near the southern tip of South America despite a high-profile viral video protest campaign and accusations that billionaire President Sebastian Pinera's shareholding in the developer Copec constitutes a serious conflict of interest. A similar campaign last year forced Pinera to reconsider a thermoelectric plant close to another wildlife attraction and a recent poll put his approval rating at only 26%, below even that of dictator General Pinochet, who ruled the country for 17 years from 1973.

Modest losses at Chilean copper mine during strike

The mine operated and controlled by BHP Billiton Limited said that the 15 day illegal strike at the Escondida copper mine in Chile didn't have a relevant impact. As Escondida produces roughly 1.09 million tonnes of copper a year, press reports estimated

Chilean miner Codelco sees higher profits in 2011

The world's top copper miner, Chile's Codelco, will likely post a bigger profit this year than in 2010, the chairman of the state-run company said on Friday.

Copper price: 500,000 tonnes of lost production to offset dropping demand

Despite a report on Wednesday showing a surge in July, China's copper imports were still down 22% in the first seven months, suggesting slowing demand in the world's top copper consumer is adding to concerns that shaky western economies will knock prices further. However, according to a new study by Canaccord the copper mining industry is operating under 'a high degree of stress' and called robust copper prices the 'new normal' thanks to supply shortages. More than 500,000 tonnes of production have been lost this year due to weather delays, poor deposit grades, worker strikes and mill problems, mostly in Chile, the world's number one producer.

Copper seen above $4 a pound on China recovery says Codelco

Copper prices may remain above $4 a pound in coming months, driven by a recovery in demand from China, according to Codelco, the world's largest producer. Chinese inventories seem to have decreased and now the industry is catching up again," Diego Hernandez, chief executive officer of the Chilean state-owned company, said in an interview on Bloomberg Television. Output from Chile, the world's largest copper producer, may miss a target of 5.6 million metric tons in 2011 by 5 percent because of project delays, weather disruption and strikes at mine sites. Codelco plans to spend about $20 billion this decade to boost annual production to meet forecast rising global demand for copper.

Strike ends at world's biggest copper mine

Miners voted Friday to end a two-week long strike at the world's largest copper mine, La Escondida in northern Chile, approving an agreement struck by their union and management. Escondida employees accepted a management offer of a special production bonus for 2010, a year in which the mine had record earnings, a spokesman for the mine's largest union said. Image of the Escodida mine, by BHP Billiton.

New Gold profit jumps, keeps cash costs at $400/oz

New Gold, which owns mines in Mexico, the US and Australia, and is also developing projects in Canada and Chile said second-quarter earnings rose to $49.8 million from a year-earlier profit of $14.1 million. Quarterly gold sales volumes rose 15% to 95,039 ounces, while revenues rose 52% to $171.6 million. New Gold also reiterated that it expects to produce between 380,000 to 400,000 ounces of gold this year, at cash costs of $390 to $410 per ounce.

Antofagasta boosted by Esperanza, looking outside South America

Bloomberg reports Antofagasta Plc, the copper giant controlled by Chile’s Luksic family, on Wednesday said second-quarter output increased 17% boosted by additional ore from the Esperanza mine in Chile that began shipping at the start of the year. Antofagasta is actively diversifying outside of its home base and is awaiting the outcome of a joint bid for a mine in Pakistan that has the potential to add 200,000 tonnes of copper annually.

Chile Collahuasi copper mine operations normal after 24-hour strike

Following a 24-hour strike, operations at Chilean copper mine Dona Ines de Collahuasi returned to normal, the company and the workers' union said.

Labor unrest in copper mines over the past year

Reuters reported that miners from Chile to Indonesia have staged strikes to demand a bigger share of a global copper boom, stoking supply fears and boosting prices.

Chile Collahuasi copper mine workers on strike, union says

Unionized workers at Chilean copper mine Dona Ines de Collahuasi downed their tools Saturday, the sole mine union said on its Twitter page. The strike comes on the heels of a now week-long stoppage at Escondida, the world's largest copper mine, which is fueling supply concerns in the copper market and driving prices higher. While Collahuasi represents about 3% of global output, Escondida, the world's largest copper mine, accounts for 7% of annual global copper production.

Bonus blackmail at world's top copper mine could see strike escalate

Disagreements over a bonus scuttled a potential labor deal at the world's biggest copper mine, Chile's Escondida, union leaders said on Friday, the eighth day of a strike that has fed worries about global supplies of the metal.

BHP Billiton declares force majeure at Escondida

BHP Billiton Ltd. has declared force majeure on exports from the world’s biggest copper mine, as a mine workers’ strike entered its eighth day. The strike at BHP’s Escondida mine in Chile, which supplied 7 per cent of the world’s copper last year, comes in a month of widespread mining strikes from Indonesia to South Africa. BHP's Escondida mine (pictured) has been the site of an 8-day strike in Chile.

International Mining Research Centre created in Santiago

The Commonwealth Scientific and Industrial Research Organisation (CSIRO), the University of Chile, and the Chile International Centre of Excellence in Mining and Minerals Processing have created a new mining research centre based in Santiago, Chile, reports Australian Mining.