Mining News

Chile’s Antofagasta PLC hits record profits in 2011

Tuesday, 13 March 2012 20:40

Written by Struan Campbell Gray

Chilean mining conglomerate increases copper production by 23.9 percent.

Antofagasta PLC, one of Chile’s largest mining groups, released its annual review on Tuesday, revealing substantial growth in copper and gold production and an increase in turnover of around 32 percent.

Mining company must pay Chile US$5M for San José rescue costs

Wednesday, 07 March 2012 18:23

Written by Nick Lavars

San Esteban Mining Company must pay back the government for its role in saving Los 33.

After lengthy discussions reached a verbal agreement in December 2011, the details have been finalized and the San Esteban Mining Company must pay the Chilean government US$5 million for assisting in the rescue of 33 Chilean miners who were trapped in the San José mine for 70 days in 2010.

Chilean mining company to invest US$4B over next two years

Wednesday, 07 March 2012 18:15

Written by Nick Lavars

State-owned Codelco plans to produce more than 2 million tons of copper a year by 2017.

In an effort to ensure increasing production levels over the next 50 years, Chile’s state-owned mining company Codelco has announced its intention to invest US$4.3 billion in expanding its operations. Expenditure in 2012 will include the development of four projects and construction of new mines.

China and Chile sign new mining trade agreement

Monday, 05 March 2012 16:53

Written by Struan Campbell Gray

Mining technology exhibition is hoped to strengthen trade links between the two mining superpowers.

With an insatiable appetite for copper, China has long been a crucial trade partner for Chile, and following a recent mining agreement, the two nations are due to become further intertwined.

Chile wants its state mining company to invest in lithium

Monday, 20 February 2012 16:16

Written by Jade Hobman

Chile proposes idea to Codelco, but mining company remains skeptical about investment.

The government has proposed a partnership with Codelco to invest in lithium, which has been heralded as one of the most important minerals in the global economy with huge potential.

Chile’s state-owned mining company leads national production

Sunday, 19 February 2012 07:00

Written by David Pedigo

Codelco, the state-owned copper company, registered historic numbers in 2011.

Chile’s state-owned copper mining company, Codelco, increased its annual copper production to 1.735 million tons in 2011, accounting for over 33 percent of national production, according to a report by the Chilean Copper Commission (Cochilco).

Escondida mine reports 36 percent drop in profits in 2011

Thursday, 16 February 2012 18:45

Written by Struan Campbell Gray

The fall principally attributed to poor mineral deposits and a two-week long labor strike.

Escondida, Chile’s largest copper mine, reported a drop in production of 24.6 percent and a 36 percent fall in profits in 2011, the lowest level for nearly a decade.

In a press release, Escondida attributed the loss to two key factors.

US$4.5 B expansion announced for Chile’s biggest copper mine

Tuesday, 14 February 2012 19:00

Written by David Pedigo

BHP Billiton and Río Tinto to increase investments after discovering extra reserves.

Mining giants BHP Billiton and the Río Tinto Group announced on Tuesday a US$4.5 billion expansion of their jointly-owned Escondida copper mine in northern Chile after a successful exploration program revealed 25 percent more mineral deposits than previously predicted.

Criminal complaint filed in Chile’s Codelco-Anglo contract fight

Saturday, 28 January 2012 22:55

Written by Steve Shea

‘Fake contract’ could lead to charges against Anglo American’s chief executive.

The dispute between state-owned Codelco and Anglo American has taken a turn for the worst after a Codelco board director filed a criminal complaint against Anglo American chief executive Cynthia Carroll this week.

Codelco to invest US$127 million in copper mining exploration

Tuesday, 24 January 2012 17:04

Written by Steve Shea

Meanwhile, Anglo American remains confident in its contract and control of Anglo American Sur.

Codelco announced Monday that it plans to invest US$127 million in mining exploration for 2012 and 2013, more than doubling the US$60 million allocated for exploration the previous two years.

Copper prices rise as Chilean peso strengthens against dollar

Saturday, 21 January 2012 23:05

Written by David Pedigo

Despite macroeconomic fluctuations, outlook remains strong for peso, copper.

Chile’s top export, copper, surged this week to its highest price in four months, peaking at US$3.78 per pound on Thursday. Over the same period, the Chilean peso reached 490 pesos to the dollar--its strongest level in three months.

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