Mining.com reported that Chilean miner Codelco is currently being represented by the country’s State Defense Council in a suit against 22 people who purportedly robbed the mine of millions of dollars worth of copper.
Articles Tagged "Chile"
Speculation regarding Chinese demand continued to keep the red metal in flux this week. Today, apprehension over the upcoming release of Chinese data drew prices back by 0.5 percent, to $6,636.50 per tonne.
Cecilia Jamasmie of Mining.com reported that Chilean state-owned copper miner Coldeco has found new copper deposits containing over 1,800 million tonnes of high-grade ore in Chile.
Bloomberg Businessweek reported today that Copper prices have dropped 0.7 percent on the LME since an 8.2 magnitude earthquake put Chilean mines in danger on April 1. Industry leaders will discuss falling prices for the metal at Cesco 2014, the industry's annual meetup taking place this week in Santiago. Talks will likely focus on Chinese stimulus efforts as well as the anticipated copper surplus for this year.
Reuters reported that most Chilean mines seem to have held up well against a recent 8.2 magnitude earthquake in the mineral rich region. No damage was reported to the Collahuasi copper mine, and Coldeco, Antofagasta and Teck Resources all said that their mines were functioning well.
Three-month copper on the London Metal Exchange rose $11 to trade at $6,670 per tonne on Wednesday, according to Investing.com.
Reuters reported that the world’s top copper producer, Codelco, saw its output drop to a five-year low and its profits knocked down by half in 2013 on dwindling ore grades and lower metal prices.
Today, three-month copper on the London Metal Exchange rose 1.4 percent, or $91.90, to trade at $6,564 per tonne. Meanwhile, copper for May delivery on the COMEX in New York increased by 1.8 percent, or $0.053, hitting $2.9985 per pound.
Chile's top copper producer, Codelco, is eyeing a significant rise in 2014 copper premiums due to renewed demand from China, according to Reuters.
Mirasol Resources Ltd. (TSXV:MRZ) announced that it has signed a binding Letter Agreement with First Quantum Minerals Ltd. (TSX:FM,LSE:FQM). Together, the companies will explore and develop Mirasol's Chile-based Rubi property, which is located within a porphyry belt that hosts "many world class porphyry copper deposits."