jueves, 15 de marzo de 2018

Southern Copper wins auction for massive Peru copper project

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Latin America News Digest
Friday 16 March 2018
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Rio Tinto, Teck Resources, Hudbay were among copper miners interested in $2 billion Michiquillay project in Peru.

"The dominant union, which represents the majority of workers, is not involved in the action," an official statement reads.

The Mayor of the city of Quilpué rejected the proposal.

The company now has an extraction quota of 88,885 metric tonnes of metallic lithium.

The world's 10 largest copper mines accounted for 25% global output in 2017 – on average these deposits were discovered 95 YEARS ago.

The boss of the world's top gold miner has bought 306,000 additional shares in the company.

Chile-focused miner is raising its dividend by 177%.

Unionized workers company's latest offer for a collective labour agreement.

Company expects to lose about 200,000 tonnes in steelmaking coal output.

Constitutional Court has requested additional information.

Brazil, Argentina, Japan and the EU have expressed concerns about the measure.

Using a 3-D layer of polydimethylsiloxane (PDMS), or silicone, reduces dendrite growth, which makes batteries safer and longer-lasting.

Swedish court has ruled that local miner Boliden won't have to pay over $12 million (100 million Swedish crowns) in compensation for health problems allegedly caused by toxic waste it dumped in northern Chile.

The gold miner's employees will receive this year 90 shares each, taking the total held by staff to more than 1.5 million shares.

Judge Richard J. Leon has stayed Rusoro's CSID Expropriation award against Venezuela registered in the U.S.

According to minister Aurora Williams, miners with operations in the country currently spend $20 billion on support services a year and figure is set to increase.

According to chief executive officer Patricio de Solminihac, the world will need at least 50,000 tonnes of lithium a year until 2023.

According to the market research firm, a possible victory by leftist Andrés Manuel López Obrador poses "minimal downside risks to an otherwise strong outlook" for the country's mining industry.

Samarco Mineracao – a Vale-BHP joint venture – ceased operations in November 2015 following a deadly tailings dam burst.

The Mexico-focused precious metals miner expects cost inflation this year to be about 7%, compared with the 6.4% it faced in 2017.

Very few of the 150 companies who expressed interest in investing in the Mining Arc actually presented concrete offers.

Company's technical team believes the La India project is both technically viable and economically attractive with a redesigned open pit that does not require community resettlement.

CHART: Baltic Dry Index has plummeted 32% since December, opening up huge gap to closely correlated industrial metal prices.

The global economy is booming and demand for precious jewels, particularly colored gemstones, has never been higher.

Adjusted loss was $17.7 million, which dramatically contrast with the $18.4 million profit logged a year ago, which reflects the impact of the ongoing shutdown of its flagship Escobal silver mine, in Guatemala.

The CEO of Mandalay dubbed 2017 as a challenging year for his company.

Miner is advancing a pipeline of projects expected to contribute more than 1 million ounces of annual production starting in 2021.

Company became the latest top miner to report soaring profits, hefty dividends and lighter debt burden.

That's considering the combined rankings of all its provinces and territories, but Finland is the most attractive jurisdiction this year.

The Swiss miner and commodities trader Glencore said its solid finances will let it to pursue more acquisitions if opportunities arise.

Asia's No.1 carmaker has developed a magnet that reduces dependence on neodymium, a key rare earth metal used in the world's most powerful batteries for electric vehicles.

8,126 grams per meter!

Mitsui's investments in Chile's copper industry date back to the 1990s and it now has minority interests in a number of the country's leading mines.

Output of the steelmaking material reached 366.5 million tonnes last year, boosted by record high productionat Vale's northern system, which composed of its Carajás, Serra Leste and the massive S11D mine.

Gold now represents just under 70 per cent of the Central Bank's international reserves.

The project could become the first mine Codelco operates abroad.

Workers had downed tools on Monday to demand higher wages and better benefits, according to a union leader.

"We want to grow to be an at least 1-million-ounce-a-year producer with three to four operations," said Chief Executive Ron Hochstein at PDAC.

Latin America recorded 246 conflicts in mining regions in 2016, more than double the number in 2010.

The deal confirms the company's tenure of ~45,000 hectares of mining leases that cover the Olaroz – Cauchari Lithium Brine Project and the Paso Lithium Brine Project.

The Vancouver-based company fell the most in nearly two years Wednesday.

Copper 'might be the easiest asset to work with:' Lukas Lundin.

Norsk Hydro ASA to resume full operations at its unit Hydro Alunorte, a court said, in the latest setback after allegations it had contaminated water in the area.

Company's goal remains to reduce total debt to around $5 billion by the end of 2018.

Vale said in a securities filing that net income totaled $771 million, compared with an average consensus estimate of $2.537 billion.

Industrias CH was fined 2.96 million pesos ($159,764) at the end of November for making "prohibited trades" under a law banning simulating price or volume.

Newcrest to invest $250 million to take stake in Lundin Gold.

"Look at what's required over the next 50 years, 60 years, and known lithium on the planet, I don't think it's as much as everyone understands it to be."

Copper stocks held in warehouses registered with COMEX in the United States stand at 228,428 tonnes, up from below 90,000 tonnes at the start of 2017.

About 50,000 ounces — roughly 125 gold bars — is all that stands in the way of Newmont overtaking Barrick as world's No.1 bullion miner.

Hochschild Mining Plc expects production to grow slightly this year as it ramps up output at the Pablo vein at its Pallancata mine in Peru

The mining industry is awash with cash, and so far it's got two main uses — pay down debt and reward investors.

Barrick Gold's Chief Innovation Officer, Michelle Ash, will become the new Chair of GMSG in May 2018.

The biggest players in Colombia's coal industry are Drummond Co, Glencore Plc, Murray Energy Corp's Colombia Natural Resources, and Cerrejon.

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