miércoles, 24 de octubre de 2018

Freeport eyes majority stake in Solaris early stage Chile project

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Copper News Digest
Thursday 25 October 2018
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The US miner has agreed to a deal that would give it up to 80% in Solaris' Ricardo property.

Company now expects to produce between 705,000-725,000 tonnes this year, down from the earlier 705-740,000 tonnes target.

The world's no.1 heavy machinery maker reported third-quarter earnings that topped analysts' estimates, but said the ongoing trade dispute resulted in $40 million in extra costs for materials in the period.

Precious metal minersaid the target represents "a high priority" for further exploration given its large size.

He is said to have already begun training three to four people to succeed him in the job.

The mine has been closed since 2015 after Yukon Zinc lost over $100 million in each of the three years it was in production.

Private equity firm Waterton Global Resource Management, which now owns about 7 percent of Hudbay, called meeting after the Canadian base and precious metals refused a proposal for board changes.

The company is also seeking direct talks with the country's government, as it's been excluded so far from negotiations between controlling shareholder, Barrick Gold, and President John Magufuli.

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.

The news comes barely a week after the company said another worker had been released on bail after being charged with corruption.

The company's chief executive in Brazil talked about "very promising" drilling results at property located on the edge of the Amazon rainforest.

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.

World warehouse stocks are dropping, down 50% since the first of April.

The goal is to reduce reliance on batteries from Asia, particularly China and South Korea.

Golden Dawn Minerals, KG Exploration Inc. and GGX Gold Corp. are among the companies setting foot in the area.

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.

Myanmar is expected to lead in the Mekong region for mining industry growth, driven by the high production growth of tin, lead and coal.

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 miner now expects to produce 480,000 ounces of gold, down from a range of 505,000 to 515,000 ounces it estimated in May.

Experts say that, when done correctly, artisanal mining can be an ethical source of low-cost, high-grade cobalt and a key mechanism in keeping the market balanced during times of supply shortage.

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

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

The find, named Makoko, was the first of multiple high-potential target areas identified by the company's exploration team to be tested by drilling.

Despite 5% rise in output, Newcrests stock has fallen more than 9% this year.

'There have been tenders, lots of meetings, lots of promotional activities, but it's only today that we have for the first time a legal document'

The deal is part of Jacobs' strategy to optimize its portfolio with a focus on higher-growth, higher-profit infrastructure and commercial projects – CEO

Previ intends to reduce its stake in the miner over the medium-term.

The aim of the project is to improve the livelihoods of the beneficiary community and regional economy – Mining Ministry

The activists expressed their complaints at the European Parliament.

With its biggest stock overhang and a deal around its flagship asset in Indonesia close to being solved, the miner has said all options are open, even potentially a sale of the entire company.

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