The stock ignored news from Zambia where President Edgar Lungu said he would not allow the firm to lay off workers at its Mopani Copper Mine, as it mothballs it for 18 months.
The ongoing slump in copper prices spells trouble for Chile's mining industry, where most medium-sized producers are already unable to make a profit.
The Vancouver-based streaming company says the deal immediately adds expected average silver production of 5.1 million ounces per year.
The drastic move makes of Codelco the mining company that has let go the highest amount of workers in Chile since copper prices began their decline over a year ago.
In 2011, during the peak of the so-called “mining boom”, the sector was worth nearly US$2.5 trillion.
The world's No.1 copper miner will keep output targets and won't make major changes to its $25 billion investment plan.
The National Union of Mineworkers (NUM) and the Chamber of Mines, which has been negotiating on behalf of the country’s main coal producers, will sign the agreement later today.
Glencore's Cobar in New South Wales and Chile operation Lomas Bayas could fetch anything between $500m and $1 billion.
According to the National Union of Mineworkers (NUM), the Swiss-based company is the one “holding the whole process to ransom".
Zinc gets a bump.
Morgan Stanley sees a "sharp reversal" in commodities with prices rising nearly 20% by 2017 making mining stocks "historically attractive".
Glencore chief executive Ivan Glasenberg stepped up his defence of the under-fire miner and trading house on Monday, calling on rivals to shut unprofitable mines and blaming hedge funds for pushing down commodity prices.
Biggest drop in Chinese industrial profits on record spills red ink on mining stock boards – Freeport down 10% in massive volumes.
Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.
The mining giant acknowledged it used a Singapore marketing hub to minimize its tax expenses, but added it is paying its fair share worldwide.
Worries over China's growth and its impact on commodity prices prompted broker downgrades for some of the industry’s biggest names.
The alleged deals involve Glencore's Collahausi mine in Chile, as well as Antamina and Antapaccay copper mines in Peru.
The share sale is set to reduce the company’s net debt by a third to around $20 billion by the end of 2016.
Chief executive Nelson Pizarro warned Codelco is ready to “cut costs to the bones,” and revealed the layoff process has already started.
Mounting pressure from investors has forced the firm to come up with a $10 billion package of debt-reduction measures.
CHART: The commodity slump has slashed major miners' market valuations to 60–88% below 2011 highs.
The company, already the worst performer in the FTSE 100 index in 2015, has lost almost 60% of its value since the beginning of the year.
The Northern Territory Chief Minister has threatened to close Glencore's McArthur River operation if the miner does not improve its environmental practices.
The US has suspended the futures market on the Nasdaq index, as panicking traders have driven it down 5% — the maximum allowed under Wall Street rules.
The world's leading commodity trader stock slumped to a record low Wednesday after it revealed it swung to a steep first-half loss of $676 million.
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