Latin America Top Stories

Newmont sells stake in Yanacocha gold mine to Japan’s Sumitomo for $48 million

Sumitomo’s move comes as Japanese trading companies have been grabbing…

Barrick Gold walks away from Guyana joint venture project

Alicanto Minerals will retain 100% of Arakaka gold project.

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Chilean copper miners announce strike

The Chilean Federation of Copper Workers announced a strike for July 11 to oppose plans to privatize the state-owned National Copper Company (Codelco). The management of Codelco, the biggest copper producer in the world, is preparing for privatization, said Raimundo Espinoza, a leader of the workers' federation, FTC.

Vale cuts 2015 iron-ore output target by 53m tonnes

Bloomberg reports Vale SA, the world’s largest iron-ore miner, cut its target for 2015 output by 10%. The Rio de Janeiro-based company expects to produce 469 million metric tons a year of the steelmaking ingredient by that time, compared with an Oct. 28 forecast of 522 million tons, it said today in an e-mailed statement. No more details were given. Chief Executive Officer Murilo Ferreira, who replaced Roger Agnelli this year after the Brazilian government criticized Vale’s strategy, is cutting targets amid concern raw materials demand in China will slow as the country boosts interest rates to combat quickening inflation. The benchmark Standard & Poor’s GSCI commodity index is heading for a second monthly drop.

Outotec to deliver the world’s largest iron ore pelletizing plant in Brazil

Outotec has agreed with Samarco Mineração S.A. on a turnkey delivery of the world's largest iron ore pelletizing plant in Brazil. The contract value is approximately EUR 200 million, which will be booked in Outotec's second quarter order intake. In addition, the contract includes local EUR 100 million purchases performed on behalf of the customer. Some 90% of the services and supplies for the project will be delivered from Brazil. Image by Outotec

Timmins Gold earns $84m at San Francisco Gold in first year

Timmins Gold Corp. reported an annual net profit of $11.5m for 2011, the first year of commercial operations of its San Francisco gold project in Mexico. The nine cent a share profit on revenues of $84.3m reported Thursday compared with a net loss of $8.6m last year when the company's income was zero. The company expects to average annual gold production of approximately 100,000 ounces at base case life of mine cash costs of US$489 per ounce. Timmins moved to the Toronto main board in March where it is worth some $137m.

Brazil’s steel industry ‘almost at crisis point’

FoxBusiness.com quotes an analyst at an industry conference in Rio de Janeiro as saying on Tuesday Brazil's steel industry is "almost at crisis point," due to the country's strong currency and soaring raw-materials costs. Steelmakers have been hit by soaring prices for raw materials, including metallurgical coal and iron ore, prices for which reached record-high levels earlier this year. Some steelmakers have intensified their own iron-ore production activities in Brazil to shield themselves from high ore prices, but Brazil lacks sufficient coking coal resources.

Grupo Mexico, Asarco union extend existing contract for 2 years

Grupo Mexico and miners at its U.S. copper mining unit Asarco agreed to extend their existing contract for two more years, the Mexican company said in a statement on Tuesday. The contract covers 2,100 workers at Asarco's operations in Arizona and Texas and will now be valid until 2013.

Bear Creek will fight for silver mine in Peru

Canada’s Bear Creek Mining Corp. threatened legal action Monday after the Peruvian government cancelled the company’s plans for a silver mine in the country’s southern highlands. The Vancouver-based company said it hoped a political solution could be found, but that it would "vigorously defend" its rights.

Minera Andes reports drill results and development update for the Los Azules copper project

Minera Andes announced drill assay results from the January – May 2011 drill program and a development update for the 100% owned Los Azules Copper Project, in San Juan Province, Argentina. Highlights from the recent drilling include a step-out drill hole, located approximately 250 meters west of the resource that returned 0.50% copper over 269 meters, including 0.95% copper over 45 meters. Infill drilling was generally in line with expectations, for example intersecting 0.66% copper over 395 meters and 0.63% copper over 237 meters.