jueves, 19 de julio de 2018

Copper giant Chile gets ready for second round of labour talks

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Latin America News Digest
Friday 20 July 2018
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From the 32 contracts set to expire in 2018 at Chilean mines, there still are more than a dozen to be negotiated before year-end.

It has decided not to go ahead with a proposed $100 million share sale to help fund the Sonara project in Mexico.

From the $939bn invested in major projects between 2008 and 2017, the world's top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.

Company plans to complete a feasibility study next year, which will reveal whether the proposed $800 million, underground lithium-uranium mine can and should be built.

Koricancha is located about 50km from Inca One's own processing facility and the potential to produce 50,000 to 75,000 ounces of gold a year.

Gemstone producer us is expanding its footprint in Mozambique by acquiring nine ruby assets from ASX-listed Mustang Resources and Regius Resources Group.

Iron ore output hit 96.755-million tonnes in the three months to June 30, while pellet output reached 12.838-million tonnes, despite a nationwide truck drivers strike that paralyzed the country in May.

Over 1,500 mining companies were operating in the South American country in 2016.

The Canadian miner plans to acquire the rights to the Milenos 32 concession adjacent to its Cerro Hermoso project in Peru.

Company believes its Cascabel copper-gold project, 180 km north of the capital Quito, may become one of the largest copper-gold porphyry systems ever discovered.

Chile-focused miner said proceeds from the sale would enable it to focus on its core activity of producing copper.

Shipments of the key ingredient for making batteries that power electric cars and high tech devices climbed 47% in 2017 to $684.2 million.

Targeting close or ready for production.

Shares jumped after the company said it had submitted additional technical studies to environmental and natural resources authority for permitting approval at its La India project.

Eike Batista, who was once one of the richest men in the world, was found guilty of bribing former Rio de Janeiro governor Sergio Cabral in exchange for contracts.

Shares fell as much as 13% after the miner and commodities trader was told by US Department of Justice to produce documents on Nigeria, Congo and Venezuela.

The mining sector showed an interannual growth of 0.16 per cent in May.

Minera Frisco and Goldcorp's subsidiary Minera Peñasquito are joining forces in Zacatecas.

The figure, though significant, is minor when taken in the context of Codelco's $18 billion investment plan aimed at upgrading its aging mines and dealing with dwindling ore grades.

Sibanye Canada and Regulus' newly formed Argentinean subsidiary Aldebaran Resources will create a strategic partnership to unlock value at the copper-gold project, located in the San Juan province.

A German battery plant could help ease an expected negative impact in the workforce employed by the local automotive industry.

Copper bears drop price 11% in 3 weeks, but new report shows labour contracts still up for renewal threaten 3 million tonnes of production just in Chile.

Results of the Preliminary Economic Assessment show Cangrejos is one of the world's top 15 undeveloped gold projects based on its average annual production potential.

OZ Minerals has announced that it has a relevant interest in Avanco of more than 90%, which means the company will now "compulsorily acquire" all of the remaining shares and acquire the fellow copper producer entirely.

The miner, which has set an exploration objective of adding one million gold equivalent ounces to Cerro Moro's mineral inventory, has hiked its exploration budget for 2018 to $11.2 million from $9 million.

Zinc!

Strong demand growth will be largely focused on high-grade lithium, according to research firm Roskill.

The Maritime-based junior is drilling its Pilar Gold Project in Sonora, Mexico. 

Shares in the miner jumped more than 3% after both quarterly and full-year production rose 3% on improved productivity.

Nobody who owns a copper mine wants to give it up. Even when Glencore and Anglo American Plc were crippled by debt during the 2015 commodity slump, neither was willing to entertain an offer from Rio for their holdings in the giant Collahuasi deposit in Chile.

Thieves leap from trucks onto trains as they roll through Chile's Atacama Desert, before throwing 80-kilo slabs of copper to the ground and disappearing.

The Chilean government said Salar Blanco could apply for a special operating license for its Maricunga project.

Zaldívar signed a new power plant supply agreement with Colbún to produce copper with 100% renewable energy.

Acquisitions in the metals mining sector have begun to pick up, with an increase in joint ventures between Western and Chinese mining firms.

Labor negotiations are entering into the final three weeks before a 30-month contract expires at the end of July.

Mantos Copper bought the Mantos Blancos and Mantoverde copper mines from Anglo for $300 million plus $200 million in conditional future payments.

"Our priority is to develop our existing lithium deposit in Argentina. But we are also looking for other deposits in Chile, Argentina and Brazil,"- Eramet Chief Executive Officer Christel Bories

Brazil has been one of the hardest hit countries since the natural resources boom ended.

McEwen Mining Inc.reports consolidated production for Q2 2018 of 36,959 gold ounces and 772,432 silver ounces, using a 75:1 gold to silver ratio.

Investigation is casting a wider net with the addition of Venezuela and Nigeria to its investigation, increasing the likelihood that Glencore's management will get bogged down in a lengthy legal process.

Despite bullish forecasts for global demand, lithium may have a funding problem.

Mining-union leader Napoleon Gomez Urrutia, who fled to Canada more than a decade ago after being accused of embezzlement, is on the short list for a senate seat in Mexico.

The world's No.2 mining company needs copper to reduce its reliance on iron ore.

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