Production for the first three months of the year slumped 37% compared with the same period of 2016.
ESCONDIDA Mining News
The news follows the end of a historically long 43-day strike at BHP Billiton’s Escondida, the world's biggest copper mine in neighbouring Chile.
Appointment comes barely a week after the mine, operated by BHP Billiton, failed to secure a wage deal with 2,500 workers after a 43-day strike.
Workers ended their strike and invoked a rarely used legal provision that allows them to extend their old contract, which leaves them in the exact same situation they were before they downed tools.
Around 1,300 unionized miners plan to start an indefinite stoppage at Peru's largest copper mine beginning March 24.
The company is currently analyzing options to resume work as soon as possible, which includes hiring temporary workers to replace those that have downed tools.
China releases scorching industry output growth, fixed investment numbers for January-February. Third attempt to restart talks at giant Chile mine fails.
Disputes at BHP Billiton’s Escondida mine in Chile, the world's biggest copper mine, and Freeport’s Grasberg and Cerro Verde mines, are also having a significant effect on global supplies of concentrate.
The mine produced just under 500,000 tonnes of the red metal last year, making it Peru's largest copper operation.
The country’s copper output is predicted to have fallen by 12% last month when compared to February 2016, while GDP dropped 1%.
Incidents come despite a local judge ruled late Tuesday that a deferred payment from 2016 should go out to workers within 48 hours.
The company is reviewing its copper output guidance for 2017 as industrial action at its largest copper mine enters its third week Thursday.
The meeting is not a return to mediation but an attempt to agree to return to the negotiating table, the union said.
The company's request for government mediation effectively extends talks and pushes back the start of a potential strike to Feb. 13.
Strike could begin as early as Friday, but will likely be postponed for a five-day government mediation to attempt a resolution.
Chile closes ports servicing some of the world's biggest copper mines due to rough seas while Escondida strike looms.
Strike threat at BHP's Escondida in Chile, the world's largest copper mine, lifts price to 19-month high.
With the expansion, Escondida is targeting an average output of 1.2 million tonnes a year over the next decade, up from about 940,000 tonnes it produced last year.
Chile’s Escondida produced 265,597 tonnes in the period, or 23% less than the 347.125 tonnes it generated in Q1 2015.
It will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits in the fiscal year beginning next month.
The world’s biggest miner unveiled details about how it expects to meet cost-reduction and productivity improvement targets.
Close to 2,800 miners at Chile's Escondida mine, jointly owned by BHP Billiton and Rio Tinto, did not show up for work Monday morning, iddling a 1.2 million tonnes a year operation.
Deutsche Bank analysts foresee a 2% to 3% earnings increase for the miners.
Division encompasses the Spence and Cerro Colorado copper mines.
Improvements at the mine mill throughput and concentrator utilization offset declining ore grades at the world's largest copper mine.