Four of the five labor unions representing workers at the El Teniente copper mine in Chile have accepted the latest contract offer from state mining company Codelco.
Codelco Mining News
The $4.9 billion-investment is part of Codelco’s 10-year, $39 billion overhaul of its core mines.
Mining companies around the globe are joining an industrywide push for gender equality and launching initiatives to increase the proportion of women working in mine pits, smelters and refineries.
Workers have downed tools and blocked access to the mine in protest of the "unjustified layoff" of two colleagues.
The ongoing trade war between the United States and China has forced the Chilean Copper Commission (Cochilco) to revise downwards its average copper price prediction by $0.06 per pound to $3.
A common target for the thieves is Antofagasta Plc’s logistics unit Grupo FCAB, which owns and operates about 700 kilometers of railway lines used to transport cathode and semi-processed copper.
Salar Blanco, which is 50 percent-owned by Lithium Power International, has dropped a lawsuit against Chile to block state-run Codelco from exploiting a lithium deposit where both have claims.
From the 32 contracts set to expire in 2018 at Chilean mines, there still are more than a dozen to be negotiated before year-end.
The figure, though significant, is minor when taken in the context of Codelco’s $18 billion investment plan aimed at upgrading its aging mines and dealing with dwindling ore grades.
Copper bears drop price 11% in 3 weeks, but new report shows labour contracts still up for renewal threaten 3 million tonnes of production just in Chile.
Workers are pushing off further negotiations until later this year when their contracts expire.
Codelco just achieved a new, less enviable mantle -- the only major mining company with an all-male board and senior management team.
Codelco chief executive Nelson Pizarro said a strong copper price in early 2018 had offset the impacts of rising production costs.
Benavides had previously led Falabella, one of Latin America's largest retailers with operations spanning department stores, supermarkets, malls and more.
In a written decision, it said it was "the responsibility of the lower-court judge" who is reviewing the case and was not a constitutional issue.
Lack of new projects, investment deficit and increasing political risk will hit supply of cobalt, lithium, copper and nickel, key metals for making the batteries that power electric cars.
Then Mining Minister said Codelco has to keep up production levels so that it can remain Chile and the world’s No.1 copper miner.
The Codelco-owned site is prone to mud rush caused by ice melting on the Andes range situated on the surface, a hazard that closed the exploration area for months on end. This combined with the company’s plan to expand operations to the seventh and eighth levels made it crucial to find a solution that would allow them to mine mud ore safely.
The Mining Committee of the Lower Chamber met with Codelco executives, employees, and other stakeholders.
Copper production will peak in the second half of 2019, making a growing supply deficit much more real.
Authorities may consider potential revisions to the mining laws in order to make companies that already own concessions to work on them or else give them up.
One of the main problems, says the head of Chile’s Mining Society, Diego Hernández, is miners have no incentives to do anything with the assets they already own and is very cheap to keep them.
Relations between the world’s largest copper producer, Codelco, and unions in its Chuquicamata division have reached the lowest point in years.
Nelson Pizarro, who took the post in 2014, has played a critical role in the drive to reduce spending and force a reduction in costs, while kicking off a major overhaul of Codelco’s aging mines to deal with dwindling ore grades.
Earlier on Thursday, Codelco CEO Nelson Pizarro called on workers to show restraint and moderation in negotiations.