Amid financial and legal challenges, Canadian mining giant tells shareholders it may close controversial Pascua-Lama mine.
Days after a Chilean court upheld the injunction rendering their multi-billion dollar investment indefinitely stalled, Barrick Gold executives said in a shareholders meeting in Toronto that they might abandon the Pascua-Lama project altogether.
Price of copper drops to a new low; Codelco miners strike Tuesday morning. With the Chilean economy driven by the success of the copper industry, both the hopes of Codelco miners and the price of copper continue to drop.
The Copiapó Court of Appeals upheld an injunction Friday that halted operations at Barrick Gold’s Pascua-Lama mine last week, after reports emerged the company’s defense will challenge the authority’s jurisdiction in the case.
A slowdown in Chinese growth prompts a drop of nearly 5.2 percent in copper prices Monday, as Chile’s most lucrative export reaches its lowest level in a year and a half.
The price of copper fell more than 5 percent from around US$3.40 per pound on Friday to US$3.20 Monday, reaching its lowest level since October 2011, according to Diario Financiero. The decrease went against predictions made earlier this year.
The Andean nation fell from 18 to 23 in the ranking of 96 territories.
The reputation of Chile’s mining sector took a hit on Thursday when the Fraser Institute’s 2013 Survey of Mining Companies ranked the world’s largest copper producer as the 23rd most attractive place for mining investment.
Canadian mining company claims climate change is reason for glaciers’ meltdown.
Mining giant Barrick Gold Corporation tried to shift blame for the melting and pollution of a glacier in northern Chile away from its construction and mining activities, according to a report from La Tercera.
World’s main copper producer recorded its lowest level of production in four years.
Codelco, the world’s largest copper producer, saw its overall copper production drop by 5.1 percent in 2012. That carried the company to its lowest production levels since 2008, according to the most recent data by the Chilean Copper Commission, or Cochilco.
Finnish Prime Minister promises to support innovation in sustainable mining production in Chile.
President Sebastián Piñera and Finnish Prime Minister Jyrki Katainen signed two bilateral agreements on Tuesday, promising cooperation and further investment in sustainable mining and renewable energy.
President Piñera and Angela Merkel sign mining cooperation agreements and look to strengthen relations.
President Sebastián Piñera signed mining and political cooperation agreements with German Chancellor Angela Merkel Saturday ahead of the weekend’s CELAC-EU Summit between European and Latin American leaders.