financetom
Business
financetom
/
Business
/
Anglo American expects 30% drop at key Chile copper mine in 2025
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Anglo American expects 30% drop at key Chile copper mine in 2025
Jun 18, 2024 3:08 PM

SANTIAGO, June 18 (Reuters) - Anglo American's copper

output at its Los Bronces mine in Chile is expected to fall

nearly a third from average historical levels next year as the

miner pauses a processing plant for maintenance, the company's

Chile head said on Tuesday.

Anglo American previously said it would suspend the plant,

which is the smaller and older of two at the site, in mid-2024,

but had not disclosed the estimated hit on production.

Los Bronces is Anglo American's flagship copper mine,

representing about a fourth of its copper output worldwide,

which spans several sites in Chile and Peru.

Demand for the red-metal has surged worldwide, and BHP

made an unsuccessful $49 billion offer for rival Anglo

American this year in a play for its smaller rival's

copper mines.

The maintenance on the processing plant is expected to take

at least a couple of years, said Patricio Hidalgo, CEO of Anglo

American in Chile, at an event.

"It will depend on the input and the ore grade, so it's not

one-to-one, but it's about 30% as of next year, compared to what

we historically have produced," he told reporters.

Anglo American is aiming to compensate for falling

production levels dinged by hard, lower grade ore, and hopes to

start new extraction in 2027, after delays due to permitting and

other factors.

Suspending the processing plant, called Los Bronces, will

give the company time to move ahead with preparations for new

extraction phases, including securing an additional water supply

and moving the Perez Caldera tailings dam.

"It opens a window for us," Hidalgo said. "We have to see

when the optimal window of time is to remove the dam."

Los Bronces is majority owned by the miner's local unit,

Anglo American Sur, with a stake just over 50%. A joint venture

between Japan's Mitsui ( MITSF ) and Chile's state-run Codelco

owns nearly 30%, while Japan's Mitsubishi ( MSBHF ) owns the

remainder.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal
Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal
Jan 11, 2025
WASHINGTON, Jan 11 (Reuters) - U.S. Steel said in a statement on Saturday that the Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel ( NISTF ) abandon its $14.9 billion bid for U.S. Steel. The parties previously had 30 days to unwind their transaction. The delay will give the...
Apple's board recommends shareholders vote against proposal to eliminate diversity programs
Apple's board recommends shareholders vote against proposal to eliminate diversity programs
Jan 11, 2025
(Reuters) - Apple's ( AAPL ) board of directors recommended investors vote against a shareholder proposal to abolish the company's Diversity, Equity, and Inclusion (DEI) programs, according to a proxy filing from the company. The National Center for Public Policy, a conservative think tank, submitted a proposal that the company consider abolishing its Inclusion & Diversity program, policies, department and...
Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal
Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal
Jan 11, 2025
WASHINGTON (Reuters) -The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel ( NISTF ) abandon its $14.9 billion bid for U.S. Steel , the companies said on Saturday. U.S. President Joe Biden blocked Nippon Steel's ( NISTF ) planned acquisition of U.S. Steel on national security grounds on Jan....
Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal, companies say
Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal, companies say
Jan 11, 2025
* Delay gives steelmakers time to try to revive deal * Biden blocked $14.9 bln deal on national security grounds * President-elect Trump has also expressed opposition WASHINGTON, Jan 11 (Reuters) - The Biden administration delayed until June an order for Nippon Steel ( NISTF ) to abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved