jueves, 21 de diciembre de 2017

Political crisis pushes out auction of giant Peru copper project again

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Latin America News Digest
Friday 22 December 2017
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Auction of $2 billion Michiquillay project in northern Peru slated for this week is canceled by the embattled government of President Pedro Pablo Kuczynski.

Minera Andina del Sol has been born.

New acquisition would increase the Canadian company's holdings in Salta to 8,664 hectares.

More than half the 2017 combined market cap gains for the world's largest listed miners accrued to just five firms as gold producers drop out of top 10.

The suspension is in response to a 40-day long blockade at its El Limón-Guajes gold mine.

If a deal wasn't reached by December 15, the company was not going to be able to compensate local employees.

Copper forecasters are reassessing their projections as the top-producing country prepares for its busiest year ever for wage talks.

This is the second deal the Chilean miner signs with Vancouver-based Evrim Resource.

A protest action took place in Vancouver the same day Almaden Minerals announced the completion of a social impact assessment for its Ixtaca project in Mexico.

The company also said is ready to shut Caledonia mine mid-next year if it has not found a strategic partner ready to buy a 20 to 40% stake in the project.

About 150 workers will be pre-selected as a result of the process, which closes on Dec. 24. They'll join the over 1,100 employees already working on the much-needed project.

With seven greenfield projects Denver gold miner on track to increase global share of gold production to 5%.

The world's No.2 gold miner is also planning to boost dividend by at least 50% next year, based on balance sheet improvements and the performance of its gold mines.

President and director Martin Vidal has left the post effective November 30.

After a nine-month search, the miner has picked the current leader of the remuneration committee, Simon Thompson, to assume the post in March 2018.

The Canadian precious metals producer announced a financing plan consisting of a $10-million bought deal private placement offering of four million flow-through common shares.

The non-brokered private placement gives Barrick about 15% of Reunion Gold Corporation (TSX-V:RGD), which has interests in four different projects in South America's North Atlantic coast.

Originally planned to raise $15M.

Chinese firms have shown "broad interest" in buying PotashCorp's stake in the Chilean lithium producer SQM, according to chief executive Jochen Tilk, who declined to name interested parties or the number of bids the company has received.

Auction for $2 billion Michiquillay copper mine project in Peru was canceled by government of President Pedro Pablo Kuczynski but is now slated for February.

The political shifts are good news for the likes of BHP Billiton Ltd., Rio Tinto Group, Glencore Plc and Anglo American Plc.

Blockchain upending world's financial markets with rise of bitcoin, and now the digital-ledger system is poised to do the same next year for raw materials.

Chilean mines will negotiate contracts with 32 unions next year, representing about three-quarters of the country's copper output, or about one-fifth of world production.

The permits issued by Minas Gerais state, where the mine is located, allow for the construction of a waste system in a depleted mine to receive tailings.

Workers at Vale's Mozambique Moatize coal mine downed tools on Friday in a dispute over bonus payments, paralysing work at the plant.

Union at Teck Resources' Quebrada Blanca copper mine in Chile set to strike after contract talks mediated by the Chilean government failed to reach deal.

On Thursday, Potash Corp CEO Jochen Tilk met with authorities in Chile as the company tries to divest its minority stake in lithium miner SQM.

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