Chile Mining News

Giant Chilean copper mine still operating below half capacity

Output at Chile's El Teniente mine, the world's No. 5 copper deposit owned by Codelco, fell on Friday as staff held off a full return to work after contractor protest violence, the company's chairman said. Gerardo Jofre told reporters the mine was operating at 40 percent of capacity, down from around 50 percent on Thursday -- when output was gradually recovering as thousands of contract workers opted to abandon a sometimes violent 17-day walkout over wages at the 404,000-tonnes-a-year mine.

Striker violence keeps giant copper mine operating below half capacity

Output at Chile's El Teniente mine, the world's No. 5 copper deposit owned by Codelco, fell on Friday as staff held off a full return to work after contractor protest violence, the company's chairman said. Gerardo Jofre told reporters the mine was operating at 40 percent of capacity, down from around 50 percent on Thursday -- when output was gradually recovering as thousands of contract workers opted to abandon a sometimes violent 17-day walkout over wages at the 404,000-tonnes-a-year mine.

Casablanca Mining signs agreement to acquire new gold property in Chile

Casablanca Mining announced today that its wholly-owned subsidiary, Santa Teresa Minerals, S.A., signed an agreement to acquire interests in a hard rock gold mine in Rancagua, Chile. Once the transaction is completed, Santa Teresa Minerals will own 70% of the mining rights to the property.

Strike weakens at Chile copper mine

Reuters reports that half of contractors in a strike at Chile's El Teniente mine have ended their strike. The market news is quoted as saying: Mine owner Codelco [CODEL.UL] expects to lift output to 51 percent capacity on Thursday after the world's top underground operation slowed production to 40 percent capacity over the weekend to protect staff workers amid escalating violence by protesters.

Capella discovers two new mineralization zones at Lajitas

Capella Resources Ltd. (TSX VENTURE:KPS)(PINK SHEETS:CPSJF) is pleased to announce that it has discovered two new mineralization zones at its Lajitas gold-copper project in northern Chile as a result of the recently completed airborne hyperspectral imaging survey by SpecTIR LLC of Reno, Nevada.

Unprecedented teamwork of complete strangers helped save Chilean miners

Whatever happened to the 33 rescued Chilean miners? Currently they're too busy speaking about their ordeal to return to mining, says one of the drillers who helped rescue them. Over a two-decade plus career, James […]

Globe: Barrick, Goldcorp set to square off over Chilean project

Barrick Gold is suing Goldcorp over the El Morro copper mine in Chile, the Globe and Mail reported yesterday. According to the newspaper: Toronto-based Barrick Gold Corp., (ABX-T44.24-0.39-0.87%) the world’s largest gold producer, is fighting Goldcorp Inc. (G-T46.82-0.59-1.24%)after the Vancouver company scooped up a majority stake in the El Morro development, one of the largest known copper and gold deposits in South America. Barrick alleges Goldcorp’s deal to buy Swiss miner Xstrata PLC’s 70-per-cent stake in El Morro was done illegally and is suing both parties, along with New Gold Inc., (NGD-T9.09-0.06-0.66%) which has a 30-per-cent stake in the project.

Teck announces temporary production interruption at Carmen de Andacollo

Teck Resources announced today that the mine and mill at its Carmen de Andacollo copper operation in Chile was idled on the morning of June 6th due to unusually heavy rain. The mine and mill are expected to be restarted on June 7th. Production loss due to the interruption is expected to be minimal.

Key Codelco mine hit by protests for third day

The world's fifth largest copper mine, Chile's El Teniente, worked at less than half of capacity on Monday as most workers stayed home for a third day to avoid violence by striking contractors, owner state […]

Exeter completes positive prefeasibility study for its Caspiche oxide gold deposit

Exeter Resource Corporation (TSX:XRC)(NYSE Amex:XRA)(FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to announce the Oxide Gold Prefeasibility Study for its Caspiche Project in northern Chile has returned a NPV(5) of US$329.5 million and net operating […]

Mammoth Energy Group continues to acquire Chilean lithium assets

Mammoth Energy Group, a lithium and alternative energy mining company, announced today that its wholly owned subsidiary Compania Lithium Investments Limitada of Chile has signed a Letter of Intent to acquire six concessions for a total of 2471 acres (1000 hectares) of lithium concessions located in the Salar de laco in northeast Chile. "The Salar de laco is approximately 10 miles from the border of Argentina and approximately fifty miles away from the Salar de Atacama, Chile's largest mined lithium reserve," said William Lieberman, President of Mammoth Energy Group.

Capstone Mining sees production up 200% over five years after Chile buy

Vancouver-based copper mining company Capstone Mining Corp. reported Tuesday a $18.9m profit for the first quarter, up from the Q1 2010 figure of $14.76m. Cash flow from operating activities was $6.7m, helping the company end the quarter with cash on hand of $181.2m. Darren Pylot, Capstone President and CEO said in a statement that the proposed acquisition of Far West Mining is expected to give the company 200% growth in anticipated copper production from 2011 to 2016 from its Santo Domingo project in Chile. The transaction, if approved by Capstone and Far West shareholders, is expected to close in mid-June.

Chile to halt financing of military spending with copper exports

The Santiago Times reported that Sebastián Pinera, president of Chile, signed a bill which if approved by Congress, would eliminate a substantial source of revenue for Chile’s armed forces and at the same time relieve a massive burden on the country’s state mining company. Under current legislation dating back to the Second World War, 10% of revenues from Chile’s National Copper Corporation, Codelco, are directed to the nation’s armed forces. Codelco is the world’s largest copper mining company and accounts for some 11% of global copper production, but the tax has contributed to years of underinvestment and the prospect of falling output at the miner just as copper prices hit record highs.

Quadra FNX and Sumitomo form US$724 million joint venture to develop Sierra Gorda copper-molybdenum project in Chile

Quadra FNX Mining announced on Sunday a US$724 million joint venture with Sumitomo Corporation to develop the Sierra Gorda copper-molybdenum project in Chile. The total cost of the mine is estimated at 2.8 billion and production is scheduled to start in 2014. Sumitomo has a 45% stake in the joint venture; Quadra FNX has 55%. Sierra Gorda is a copper exploration project located in the Atacama Desert, Region II of Chile. According to Quadra FNX's recently completed feasibility study, the production from current sulphide reserves will average 483 M lbs of copper, 25 million lbs of molybdenum, and 64 kozs of gold per annum over a 20-year mine life.

Caspiche: A mega mine in the making in Chile

The quest to commercialize one of Latin America’s last undeveloped major gold deposits is one major step closer to a prospectively big pay day for its unlikely owner - a small gold explorer named Exeter Resources. A Canadian-headquartered company, Exeter recently completed a major milestone development. It announced a positive metallurgical study for the sprawling Caspiche gold-copper deposit in northern Chile’s gold-rich Maricunga mineral belt.

Copper prices to stay above 2010 average over the next 3 years – Chile

World top copper producer Chile sees copper prices staying above the 2010 average during the next three years, Deputy Mining Minister Pablo Wagner said on Wednesday. Copper averaged $3.42 per pound in 2010, according to data compiled by the Chilean government.

Teck opens new copper concentrator at Carmen de Andacollo in Chile

Teck Resources held an inauguration ceremony last Friday to celebrate the recent start of operations at its new Carmen de Andacollo copper concentrator. It reached commercial production in October 2010 and has extended mine life by about […]

Anaconda Mining posts fifth straight quarterly loss

Canadian gold miner Anaconda Mining Inc posted a fifth-straight quarterly loss, but expenses were lower from a year-ago levels and production rose sequentially. Net loss for the third quarter was $1.9 million, or 1.5 cents a share, compared with a loss of $2.2 million, or 2.5 cents per share, a year ago.

Atacama eyes first resource estimate in Chile

As the extent and depth of its low-grade gold project Cerro Maricunga grows, so follows Atacama Pacific Gold's (TSX-V: ATM) shareprice. Since the start of the year the latter has climbed from around $3 a share to just over $5 as Atacama released a slew of drill intercepts outlining three, semi-contiguous areas of gold mineralization at Cerro Maricunga, 100-km northeast of Copiapo, Chile

World's No.3 copper mine, Collahuasi, lifts force majeure

Chile's Collahuasi, the world's No. 3 copper mine, said on Friday it had lifted a force majeure on copper concentrate exports imposed after an accident at its key sea terminal in December.

Chilean court suspends order to halt Codelco copper smelter

A Chilean court on Thursday suspended an order to halt world No. 1 copper producer Codelco's Ventanas smelter following an environmental incident, and the state miner said it would normalize operations as soon as possible.

Codelco to halt Ventanas smelter after court order

World No. 1 copper producer Codelco said on Wednesday it was preparing to halt its Ventanas smelter after a court ordered it to do so following an environmental complaint.

BHP Billiton approves USD554 million investment at Escondida

BHP Billiton today announced approval for the Escondida Ore Access project (EOA), the first of a number of development options that will underline Escondida’s status as the world’s premier copper operation. The EOA project will relocate the crushing and conveying facilities currently located inside Escondida’s main pit to improve access to higher grade ore and thereby support higher production from 2013. The project is expected to cost US$554 million (US$319 million BHP Billiton share) and will be completed by mid calendar year 2012.

Next Generation Mining Latin America Summit 2011: Lack of skilled labour increases costs to mining industry

As the mining industry continues to wrestle with skilled and experienced workers, what does it mean for mining companies’ bottom line - particularly in Chile where copper mining accounts for 49 percent of exports?

World's top copper miner sees strong metal prices continuing for some time

Global No. 1 copper producer Chile's Codelco said Friday its 2010 output dipped but should be steady this year, and expects strong Chinese demand, Japan's recovery after a natural disaster, as well as new uses to stoke demand. Codelco said profits surged 47 percent to $5.8 billion in 2010, with a rise in copper prices to record highs more than compensating for a 0.8 percent fall in production from 2009 to 1.688 million tonnes. [ID:nN08136598]