Antofagasta Plc
Antofagasta Plc
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An estimated 1.6Mt of copper production capacity in Chile, the world's largest producer, has been put on hold as miners in the arid north try to cope with two days of torrential downpours that have flooded roads, caused mudslides and interrupted power supplies. Fabian Cambero reports
A massive rainstorm after eight years of drought is causing major disruption to copper production in Chile, source of a third of the world’s supply.
Several major copper miners have shut down their mines in Chile as heavy rains have caused mudslides and flooding, forcing the govt to declare a “state of catastrophe”.
Codelco closed all its northern Chile operations, Antofagasta did the same at two of its four mines and Lundin Mining halted its Candelaria mine. Anglo American-Glencore’s Collahuasi says it has not been affected so far, and Teck says its two mines are able to continue operating. Reuters
Lower copper-gold-molybdenum production/sales, lower prices received and higher costs have combined to push Chilean miner Antofagasta’s FY/CY2014 net earnings down to $US602M, 8.7% lower than the previous year, on revenue down 11.4% to $5.29B as realised copper prices fell 8.5% during the year.
New projects bode well for reversal of Chilean miner Antofagasta’s 8.7% FY2014 profit slide to $602M
President Diego Hernandez says Antofagasta cannot guarantee its embattled Los Pelambres mine will continue to operate after local protestors won a court case claiming the northern Chile mine is affecting water availability.
Antofagasta is appealing the court order, but Hernandez told local newspaper La Tercera: "We cannot guarantee that it will not close”. Los Pelambres produced around 405,000t copper in 2014. Reuters
Community protesters have had a potentially significant win over Antofagasta after protest blockades damaged infrastructure and disrupted production for nearly two weeks at Los Pelambres mine, 240km north of Santiago.
Antofagasta expects normal operations to resume within days at Los Pelambres project in Chile after agreeing with local protesters to counter drought conditions around the mine, 240km north of Santiago.
Los Pelambres has offered to fund desalination and water storage studies, and use seawater for any mine expansion. The desalination and dam projects, if built, would be by a private-public alliance or public concession scheme.
Antofagasta says the dispute will reduce mine production by about 8,000t in 2015.
Antofagasta claims it will be able to continue operating near-400,000oz pa copper mine at Los Pelambres in Chile’s Coquimbo region while it appeals a court order directing it to tear down a tailings dam wall.
Chilean copper giant Antofagasta has been ordered to tear down a tailings dam wall at its Los Pelambres mine after a civil court ruled it interfered with the natural flow of a stream to the nearby town of Caimanes.
Antofagasta, which claims its submitted plan for works on El Mauro tailings dam does not affect the stream, says it can continue to operate the mine while appealing the civil court decision.