viernes, 18 de mayo de 2018

Anglo close to selling part of stake in giant Peruvian copper project

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Latin America News Digest
Friday 18 May 2018
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Quellaveco is one of the world's largest untapped copper orebodies and Anglo's board is set to decide later in the year whether or not to green-light development of the $5.5bn mine.

SQM shares plunge after Tanqi Lithium acquisition seems to indicate cooling fervour for lithium assets.

The Asian firm has bought a 24% stake in Chile's Sociedad Quimica y Minera (SQM), one of the world's biggest lithium producers.

Commercial production is expected in the second quarter of the year.

Australian law firm Phi Finney McDonald alleges BHP knew the dam was at imminent risk of breaking but did not tell markets.

Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.

Converting the power plant that feeds the Pueblo Viejo mine from heavy fuel oil to natural gas is expected to reduce the operation's average cost of sales and all-in sustaining costs by about $54 per ounce.

The Deputy Secretary for Sustainable Mining is scheduled to meet with executives from Australia's largest mining companies and banks.

The mine, behind schedule ever since it began producing in May 2014, has been affected by a series of technical problems in its ramp-up phase, costing its owners hefty impairment charges.

The approval was the final government agency's permission the parties required to close the deal.

The world's largest potash miner said it expected to have an announcement on the matter by the end of June.

The miner said it would take up to three months for stocks to return to normal, which will affect both projected output and sales in the six months ending June 30.

The 25.97-carat rough emerald is considered both "rare and exceptional" given its size, colour saturation and clarity.

Chinese companies continue to aggressively try securing steady supply of lithium, a key ingredient in the making of batteries that power electric cars.

A U.S. court ruled that the Chaupe family case against Newmont Mining Corporation should be heard in Peru – not Delaware, where the company incorporated almost 100 years ago.

Workers were demanding higher profit-sharing payouts.

The Toronto-based miner expects to stay in line with its 900,000 ounces production guidance for 2018.

Lack of new projects, investment deficit and increasing political risk will hit supply of cobalt, lithium, copper and nickel, key metals for making the batteries that power electric cars.

Illegal extraction of gold and other metals and their subsequent smuggling to foreign markets is seen by many as a way to navigate the current crisis.

Australian lithium producer Galaxy Resources said it was evaluating "strategic options" for its project in Argentina, which remains in the feasibility stage.

The protesters say the running water that they receive from local rivers has been declared unfit for human consumption.

Pan American Silver management has engaged with the protesters in a mediation process.

If China's Tianqi grabs a stake in Chile's SQM, the world's lowest cost lithium miner, it would mean the top three producers would control at least 80% of the total market, Chile's government has said.

"We are the first territory actively making efforts towards eradicating the use of mercury and we are close to achieving this goal," Antioquia's Governor said.

Auryn Resources announced that it is close to becoming a big player in the Andahuaylas-Yauri belt in southern Peru.

Despite seeing gold output decline by 2%, Newmont claimed the title of world's biggest bullion producer as it surpassed rival Barrick by 16,000 ounces in the first three months of the year.

The council endorsed a plea introduced by mining workers against a ruling by the Cundinamarca Administrative Court.

Copper production fell to 153,800 tonnes from 171,900 tonnes, due mostly to lower grades at the company's Centinela and Los Pelambres mines.

The announcement is the last of a string of difficulties Anglo has faced with the iron ore mine, which was expected to produce 16 million tonnes this year, but that will now generate just 3 million tonnes.

Geopolitics has taken over the oil market, driving oil prices up to three-year highs.

Roberto Venegasa, an employee of equipment supply firm Finning, died during routine maintenance work at the mine, the company said.

Argosy's Rincon project in northern Argentina will start producing 500 tonnes per year of lithium carbonate equivalent (LCE) next month.

The Honduran subsidiary of Aura Minerals has angered the citizens of the town of Azacualpa by removing over 350 corpses from a cemetery to make space for its San Andres open-pit gold mine.

Votorantim said profit was also boosted by sales growth in its aluminum and cement businesses.

Megastar Development wants to buy the Rama de Oro project located in the state of Oaxaca.

Australia's Lithium Power International and Canada's Bearing Lithium have sued Chile to block state-run Codelco from exploiting a lithium deposit where both have claims.

Political uncertainty, including Brexit negotiations, along with ongoing tensions in the Middle East will remain gold's key drivers.

Kidman Resources has chosen a site in Kwinana, Western Australia with Chilean joint venture partner SQM to develop a lithium processing plant.

La Oroya polymetallic smelter had been operated by Doe Run Peru, a unit of the U.S.-based Renco Group, from 1997 until the company went bankrupt in 2009 and its assets were transferred to a group of former creditors.

The Brazil-based lithium mine developer eyes a wave of demand for the metal used in rechargeable batteries for iPhones and electric cars.

First Customer Minera Centinela Begins Use of Optimus Drone at Mining Sites.

Brazil on Wednesday contradicted a United States announcement that the two countries had reached a deal on a permanent exemption from steel and aluminum import tariffs, saying the Trump administration had unilaterally cut off talks.

What the bears seem to have in common is the belief that a rush of new lithium supply will soon hit the market.

Martín Vizcarra said that he was in favour of promoting mining development in his country.

Ecuadorian officials have held talks with several foreign companies about the possibility of building a copper refinery.

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