A union representing workers at Lumina Copper's Caserones mine in Chile said on Thursday that contract negotiations with the company had failed, paving the way for a potential strike.
Lumina Copper Mining News
While miners operating in the affected area did not reported any serious damage, blocked roads forced some to halt operations and the final costs remain to be seen.
Pre-tax profit for the year was a bit over US$3 billion, a decline of $760 million when compared to 2013.
He sees it as a key part of the firm's ambitious investment strategy, which in the next stage will plow $25 billion to overhaul older mines.
Japan already allocates 90% of its investment in Chile to mining.
Nelson Pizarro (73) will carry out the biggest investment plan in Codelco’s history.
Acquirer is down.
Octavio Araneda, VP of the company's central-south operations, will serve as interim CEO until a new leader is picked.
Laura Albornoz, the first woman appointed director of Chile's owned Codelco, is meeting unions next week as she gets ready to vote on the company's budget.
Keller had been commended for his efforts to overhaul old mines and cut costs at Codelco, but his tough style is said to have triggered tensions within the company and its powerful unions.
The announcement could come anytime before May 21, when the President is scheduled to address the nation.
For a while, Lumina Copper (LCC) shares defied gravity. As of Mar. 28, when shares closed at $17, the stock had a one-year return of 150% — while most TSX Venture stocks were getting pummelled.
Lumina Copper and Lumina Royalty announced that they have closed their previously announced arrangement. Under the terms of a statutory plan of arrangement which received shareholder approval on June 7, 2011 (the "Plan of Arrangement"), the shareholders of Lumina Copper (the "Shareholders") each received, as a distribution in respect of a reduction of capital, one common share of Lumina Royalty for each common share of Lumina Copper