Modifications seek to simplify aspects of the project originally approved in 2010 in order to optimize mineral handling.
Codelco Mining News
Analysts believe that would increase the chances of the country joining Latin America’s ongoing political drift to the right in November’s elections.
Experts believe the value of the nation's dawning industry is set to jump from $1.1bn this year to $7.9bn in 2021 on a combination of revised regulatory framework and significant gold and copper reserves.
The unit is expected to help speed up the approval of legislation that allows the exploration and exploitation of the country’s vast lithium deposits.
Experts expect the country, which accounts for more 30% of the world's copper supply, to produce 5.4 million tonnes of the metal in 2017, slightly down from the 5.5mnt it yielded last year.
MECS Inc., a wholly owned subsidiary of DuPont, has been selected to supply the sulfuric acid production technology for two new plants belonging to Corporación Nacional del Cobre de Chile (Codelco), the world’s largest copper producer.
The country, already the world's second largest producer of lithium, is seeking to create private-public partnerships to exploit 61% of its resource-rich territory, currently available for licensing.
The country expects mining investments to increase 360% in the next four years compared to the 2013-2016 period as it has already granted 160 of the 420 explorations licences it put out to tender in July.
Chile closes ports servicing some of the world's biggest copper mines due to rough seas while Escondida strike looms.
Moves is expected to help the copper giant cope with a recently passed law that forces it to give 10% of its revenues to the armed forces.
While the miner is not longer being pressed to include its platinum assets in the divestment plan, the issue of how to package mines and which ones to include, remains a bone of contention.
Decision follows a fresh attack by hooded protesters who seized installations over the weekend.
About 100 hooded protesters have seized parts of the copper mine, Anglo American's biggest operation in Chile.
Production costs in Chile, the world’s No. 1 copper producer, were 5.4% higher last year when compared to its global peers’ average.
Shares were up more than 5% after the firm posted higher output across all divisions, except for copper, and said market conditions for its diamond business had improved.
Phase two of its Radomiro Tomic sulphide project and a new level at El Teniente, are the most affected projects.
Los Bronces, Anglo American’s flagship operation, is expected to produce between 600,000 and 630,000 tonnes of copper this year.
Salvador, Codelco’s smallest operation, has been battling to turn a profit after dwindling ore grades pushed up production costs.
The world's top copper miner admits to be facing its “worst crisis ever” since created in 1976.
Study shows the most efficient mines in top producer Chile now produce copper for less than $1 a pound after finding an additional 13% in savings this year.
Chile's Codelco said that it loses about 1,500 tonnes of copper output for each day El Teniente mine remains inactive.
Decision would reduce the total investment needed to $600 million from the whooping $3 billion it was originally estimated.
Codelco is facing mounting internal pressure to acquire Anglo's stake in Los Bronces mine, in which the Chilean miner already has a 29.5% interest.
For every penny copper prices drop, Codelco loses $36 million and Chile, the world's largest producing country, $50 million.
The government has set aside some $20 million through June to assist small and medium miners