jueves, 18 de octubre de 2018

Anglo American ‘encouraged’ by drilling results in north Brazil

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Latin America News Digest
Friday 19 October 2018
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The company's chief executive in Brazil talked about "very promising" drilling results at property located on the edge of the Amazon rainforest.

The US miner has agreed to a deal that would give it up to 80% in Solaris' Ricardo property.

Criminal groups fight to gain control of gold mines.

The Rajo Inca project would convert the existing asset, which has been in operation since 1959 and is due to run out of ore in 2021, to an open pit mine from an underground one.

Operations will resume before year end, but a planned ramp-up to 26.5 million tonnes per year is likely to be pushed back to 2021 from 2020.

CEO Fabio Schvartsman said the company would only invest further in nickel if global prices for the metal rise from $13,000 per tonne currently to around $20,000 per tonne.

Chile's Codelco is in the midst of upgrading its smelter at Chuquicamata, its second largest operation by size, to comply with stricter emissions standards coming in effect in December.

Settlement creates partnership that could lead to restarting production at Rusoro's former mines in the South American country.

The company's recently-acquired Riacho dos Machados (RDM) mine will be closed for about two months.

Chile expects lithium to soon become its second largest mining asset, just behind copper. It's currently the country's fourth biggest export.

The Chilean miner has been seeking a buyer for all or part of itself to raise $1 billion to dig for copper and gold in two of its mines in the country's north.

The country's antitrust court has approved a deal between the competition regulator and Tianqi, allowing the Chinese miner to buy a nearly one-quarter stake in lithium producer SQM .

The project, known as the Salobo 3, is expected to add about 50,000 tonnes to the open-pit mine's current capacity of 200,000 tonnes of copper per year

The definitive agreement comes almost three years after the incident, which killed 19 people and became the country's worst ever environmental disaster.

Changes to an existing provincial law propose a new Special Mining Rate.

The recently-created Directorate for Mining Promotion and Sustainability will be in charge of identifying the regions with the mining highest potential.

For the 12 months to June, SolGold's pre-tax loss was A$15.3 million, compared to $8.3 million it recorded a year before.

The ENAPAC project is meant to serve mainly the mining industry, which is very active in Chile's dry, but copper and lithium-rich north.

The illegal action saw a group of locals spend seven days blocking the only access to the mine in protest for what they call "repetitive abuse" to community members and increasing pollution of their land and only water source.

The Vancouver-based miner said it has signed a non-exclusive letter of interest to form a JV with an undisclosed local company on claims where manganese mineralization has been proven.

The country' Supreme Court ruled Monday that Law 9, used to grant the mining concession for Cobre Panama copper project, was unconstitutional.

Deal with Luminex gives Anglo the right to earn a 60% ownership interest in a JV company, which indirectly holds three copper and gold concessions in Ecuador.

The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.

Surprising results.

But the court upheld part of the previous ruling requiring the miner to re-apply for its environmental licensing and start a community consultation process.

Waterton Global Resource Management has expressed its concerns to Hudbay Chairman Alan Hibben, telling him that it would reserve the right to do anything it deemed necessary to improve the company's performance, said sources.

Albemarle failed to make a "serious" offer for its annual production capacity to be provided at a discounted rate – Corfo

Hochschild Mining Plc on Wednesday raised its annual output target and forecast lower mining costs, as its Inmaculada mine in Peru produced higher grade ore.

Samarco, a joint mining venture between Brazil's Vale and BHP Billiton, could resume production at a third of its capacity at the beginning of 2020.

The copper market is currently experiencing a squeeze on physical metal which is unexpected.

The United States is seeking to impose quotas on Mexican steel exports as part of a negotiation to remove metals tariffs.

Iron shipments fell about 5 percent, hurt by planned maintenance and safety pauses across all operations following a fatality.

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