World No 3 Copper Mine Near Ending Force Majeure-Shanghai Metals Market

Hot Keywords

  • Rare earth
  • Aluminium
  • Macroeconomics
  • Sales data
  • Customs data
  • Copper
  • Inventory data
  • MMi Iron Ore Port Index
  • precious metals
  • Futures movement
  • Zinc
  • Rare earths
  • Tin
  • Market commentary
  • Evening comments

World No 3 Copper Mine Near Ending Force Majeure

Industry News 11:19:29AM Mar 30, 2011 Source:SMM

Mar.29 (Reuters) - The world's No. 3 copper mine, Chile's Collahuasi, moved closer to ending its three-month force majeure on concentrate sales as repairs to its port could be finished by late April, joint owner Anglo American said on Tuesday.

Anglo American copper business head John MacKenzie said problems at port had not hit output at the mine, which produces about 3.3 percent of the world's mined copper, or 535,000 tons per year.

"I don't know exactly yet if we can lift (force majeure) before or after" the replacement of the shiploader at the Patache port, MacKenzie said at the Reuters Latin American Investment Summit in Santiago.

Collahuasi declared force majeure on December 20 after an accident damaged its Patache port shiploader. The deposit has been selling about 70 percent of its copper out of three alternate ports in northern Chile.

Joint owners Anglo American (AAL.L) and Xstrata Copper (XTA.L) plus a minority stakeholder of Japanese companies led by Mitsui are still analyzing whether to raise Collahuasi's annual output to over 1 million tons through 2018.
 

 

World No 3 Copper Mine Near Ending Force Majeure

Industry News 11:19:29AM Mar 30, 2011 Source:SMM

Mar.29 (Reuters) - The world's No. 3 copper mine, Chile's Collahuasi, moved closer to ending its three-month force majeure on concentrate sales as repairs to its port could be finished by late April, joint owner Anglo American said on Tuesday.

Anglo American copper business head John MacKenzie said problems at port had not hit output at the mine, which produces about 3.3 percent of the world's mined copper, or 535,000 tons per year.

"I don't know exactly yet if we can lift (force majeure) before or after" the replacement of the shiploader at the Patache port, MacKenzie said at the Reuters Latin American Investment Summit in Santiago.

Collahuasi declared force majeure on December 20 after an accident damaged its Patache port shiploader. The deposit has been selling about 70 percent of its copper out of three alternate ports in northern Chile.

Joint owners Anglo American (AAL.L) and Xstrata Copper (XTA.L) plus a minority stakeholder of Japanese companies led by Mitsui are still analyzing whether to raise Collahuasi's annual output to over 1 million tons through 2018.