World’s No. 1 copper miner gets $300m from Canada
Chile’s Codelco, the world’s largest copper producer, has signed a 10-year loan agreement with Export Development Canada, the country’s export credit agency, which will allow the state-owned miner to access $300 million to finance an ambitious overhaul of its aging mines.
The copper giant, which produces nearly one-tenth of the world’s supply, is in the midst of a $39 billion,10-year plan to expand and upgrade its mines.
Last year, the company began a $5.6 billion conversion of its century-old Chuquicamata open pit mine into an underground operation.
After expanding the century-old Chuquicamata underground, the next major overhaul is a new level at El Teniente, Codelco’s largest mine
The next major overhaul is a new level at El Teniente underground mine, the company’s largest.
Those and other projects are expected to help Codelco keep production rates, despite falling ore grades and increasing costs at its assets.
The company, which hands over all of its profits to the state, holds vast deposits of the red metal, accounting for over 10% of the world’s known proven and probable reserves.
Production decline, together with lower copper prices and higher costs, saw the company’s annual profits drop by a third last year to $2 billion, not counting paper losses worth almost $400 million, as it wrote down the value of its assets, including its Ventanas smelter and the open pit at its Salvador division.
In July, Codelco named company insider Octavio Araneda as its new chief executive officer, following the departure of Nelson Pizarro.
Together with carrying forward the revamping of the company’s mines, Araneda is expected to deal with major corporate modifications Sebastian Piñera’s administration has promised, including legal changes to prevent the nation’s armed forces from using Codelco as a cash cow to finance weapons purchases.
source: MINING.COM
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
