Las Bambas will be one of the world’s largest copper mines after it starts up in 2015, with annual output equivalent to more than twice the amount of copper MMG currently produces.
CEO Murilo Ferreira thinks the ore may get close to 2011’s peak of $168 a ton.
The Toronto-based firm has shown president and CEO Jamie Sokalsky the door two years into the job, and less than three months after a breakdown in merger talks with its largest rival.
The news come only weeks after the government announced it would begin funding explorations projects to locate deposits of the coveted elements.
The miner has agreed to form a joint venture with Saudi Arabian Mining Co (Ma'aden) to run its Jabal Sayid asset.
The transaction would be worth over $2 billion.
Currently China is the second largest producer of the red metal, with an annual output of about 1.6 million tonnes per year.
The copper miner controlled by Chile’s billionaire Luksic family, will cut jobs and costs through its new company Minera Centinela.
The company, already the world’s largest copper miner, wants to become one of the top silver producers too.
The appeal follows a confusing ruling in March this year that revoked the penalty, the largest ever imposed in the country, only to force the country's environmental watchdog to rewrite it.
Sale of Candelaria mine could raise several billion dollars, according to people familiar with the matter quoted by WSJ.com.
The move is part of a now two-year-long move to shed non-core assets and pay back debts.
Miner allegedly failed to pay the soldiers a periodical fee in exchange for them turning a blind eye to illegal mining on Venezuelan territory.
The firm is offloading some of its historic South African platinum mines as part of a $4bn sale of under-performing assets.
The country is also struggling with rising energy cost, which threatens the competitiveness of its copper industry and poses a major challenge for new developments.
Cajamarca region governor Gregorio Santos was ordered to jail for 14 months amid a corruption probe. Supporters claim he is being target of political repression for opposing Newmont's mine.
Total coal exports, however, fell 13.1% in the quarter, from 17.4 million tons in the first quarter of 2013 to 15.1 million tonnes in the same period this year.
Minera Centinela will focus on an emerging mining district in copper-rich Chile's north.
China's largest gold miner, China National Gold, is actively looking for partnerships and acquisitions around the world.
Vale said the tribe wants to modify an agreement to mitigate the mine's impact on its community's development.
Octavio Araneda, VP of the company's central-south operations, will serve as interim CEO until a new leader is picked.
Government created yesterday a national commission that will work on a new state policy for the exploitation of lithium.
Former head of the National Federation of Artisanal Miners of Peru claims the union gave Humala's party 17kg of gold to help finance his campaign.
The world’s top copper producer, however, is energy-starved, which has begun affecting the competitiveness of its mining sector and cramping economic growth.
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.
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