South America Mining News

BHP hikes exploration spending, to focus mostly on copper, oil

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.

Lundin Gold getting closer to developing Fruta del Norte in Ecuador

With construction expected to start in 2018, the US$669-million Fruta del Norte project could finally begin production before the end of the decade.

Police investigation finds BHP-Vale Brazilian venture at fault for dam collapse

Eight executives will also face charges, although the police did not disclose their names.

Gold firms gear up for growth as cost of mining the metal falls

Early signs of activity include Kinross Gold's March decision to expand its Mauritanian gold mine and Goldcorp acquisition of junior Kaminak for $520 million in May.

Goldcorp and Teck plow ahead with new $3.5bn mine in Chile

The project, renamed NuevaUnion, would be one of the largest copper-gold-molybdenum mines ever-developed in Latin America.

Vale said to have altered crucial data from dam disaster

Federal investigators claim Vale modified official documents detailing the chemical composition and concentration of the mineral waste spilled.

Perfect timing: Amarillo Gold achieves key milestone in rising gold market

Marc Davis of BNWNews profiles Amarillo Gold, a company that is finally poised to capitalize on a resurgent gold market.

State of emergency in Peru over mercury poisoning from illegal gold mining

The 60-day decree affects 11 districts in the Madre de Dios region, where several studies have found high levels of the toxic element in people, rivers and fish.

BHP's Spence copper mine in Chile hit by fresh strike

The labour action follows two other one-day protests at the mine and comes as BHP mulls a $2.2 billion investment to expand the operation.

Rio Tinto forges ahead with Simandou, the world's largest mining project

The massive Simandou project, in Guinea, is considered the world's biggest untapped iron ore deposit.

Teck Resources goes from dud to darling as coal makes a comeback

The company's shares have almost tripled this year, making it the best-performing global miner amid the rebound in commodity prices and a projected fivefold improvement in earnings.

Vale back in the black on higher iron ore prices, currency

Vale’s results for the first three months of 2016 makes it the best-performing major iron-ore miner so far this year.

Barrick ‘is back’ chairman Thornton tells shareholders

Barrick Gold has reduced its debt load, reshuffle management and sold several assets.

Vale gives its potash project in Argentina a second chance

The miner has scaled down the project and it now aim to produce 1.3 million tons of potash a year, down from the 4 million tons originally planned.

Teck Resources posts better-than-expected profit as costs drop

Canada’s largest diversified miner logged a 38% increased in overall profit for the first quarter of the year.

Barrick Gold swings to quarterly loss, but trims debt further

The world's largest gold producer, reported a quarterly loss, compared with a year-earlier profit, as asset sales impacted production and realized gold prices fell.

Barrick’s fourth CFO in five years may be what shareholders were waiting for

Most shareholders hope that Catherine Raw persuades management to stop prizing output over profitability and, instead, place more emphasis on investors’ returns.

Anglo shareholders revolt against Cutifani’s $4.9 million pay

Full voting results will be released on Friday.

Newmont Mining investigating bribery allegations

The gold and copper miner didn’t specified where the alleged misconduct took place.

Several Canadian firms operating in Guatemala, Eritrea may have civil claims against them heard in Canada

Should the court decide the claim can be heard in Canada, it could have wider implications for Canadian mining companies operating in countries with less than sterling environmental and human rights records.

Looming zinc supply shortage good news for producers and explorers: Stefan Ioannou

The outlook for zinc appears bullish, says Stefan Ioannou of Haywood Securities, spearheaded by mine closures, dwindling production and the dearth of replacement projects.

World's largest underground copper mine remains shut on heavy rains, mudslides

Chile's Codelco said that it loses about 1,500 tonnes of copper output for each day El Teniente mine remains inactive.

Community opposition forces Newmont to abandon Conga project in Peru

The company has removed its massive gold and copper project Peru from its list of reserves in its annual filing with the U.S. Securities and Exchange Commission (SEC).

Canada-Chile lithium project in Argentina to begin operations in 2019

The Cauchari-Olaroz project, in northern Argentina, is forecast to initially produce 40,000 tonnes of lithium carbonate equivalent a year.

Codelco scraps plans for new mine at El Salvador division

Decision would reduce the total investment needed to $600 million from the whooping $3 billion it was originally estimated.