A perforation made in a subterranean water source had flooded the underground mine late Thursday.
Data published by the National Statistics Institute of Chile (INE), shows the country’s copper output has dropped by 5% during the month of September this year.
While the miner produced a record amount of iron ore, turmoil in currency and commodity markets overshadowed any production gains.
Value of low-grade ore stockpile at the Peñasquito mine dropped, raising average costs by $64/oz. and negatively affecting adjusted earnings by $0.04/share.
Analysts say only a business-friendly appointment followed by credible action to strengthen the fiscal accounts and control inflation would reassure markets.
It grants the world's No.1 copper miner an injection of US$4 billion for the next four years.
The country's ultimate purpose is to extract rare earth elements, breaking China's dominance and pushing prices down.
Midtier producers will soon be desperate to buy low-cost, high-quality deposits.
Members of the World Gold Council spent last year a total of $47 billion in countries hosting their mining operations.
Once again Cutifani delivers — freight from Minas-Rio leaves for China by year-end and within the latest estimated budget.
That is worth around $534-$854 million, based on prices of $6,675 per tonne.
Kinross Gold Corp has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp. said.
The miner beat estimates after logging a 16% jump in Q3 nickel production, taking total output of the metal this year to 201,400 metric tons.
The move is seen by analysts as an attempt to strengthen the firm’s image.
The equipment maker beat analysts' expectations and the stock is skyrocketing in premarket trading.
The equipment maker is scheduled to report third-quarter earnings Thursday.
The fate of the El Dorado gold mine won’t be resolved anywhere near this tiny Central American country. Rather, it’s being weighed by a three-judge tribunal on the fourth floor of the World Bank headquarters in Washington.
Changing its name to Lundin Gold.
Tough regulations and worries about reputation have made trading commodities a source of worries for bank bosses.
The giant copper miner is also planning to sell about $8 billion of bonds over the next five years to help finance a nearly $30bn investment program aimed to revamp its aging mines.
The firm is developing a trio of staggeringly huge copper deposits on the Chilean-Argentine border that contain a total of over 28 billion pounds of copper and 19 million ounces of gold resources (only two of the deposits have resource estimates on them).
The country’s environmental authority criticized the Top Court decision saying the miner conducted proper consultation with local indigenous groups and shouldn’t have to do it again.
The shine may soon come off Chile's decade-long copper boom as technical and regulatory problems in getting new mines into production highlight just how hard it will be to keep ratcheting up the supply.
The agreement signed with Indonesia’s outgoing government also means higher royalties to be paid by the firm.
Copper price sinks to 10-month low after new report says mine capacity representing 6% of current production will come on stream over the next six months.
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