Home / Metal News / Copper / Chile Escondida: 15-Day Strike Didn't Have Significant Impact
Chile Escondida: 15-Day Strike Didn't Have Significant Impact
Aug 12,2011 09:51CST
industry news
Source:SMM
The 15-day illegal strike at the Escondida copper mine in Chile didn't have a "relevant impact," the mine operated and controlled by BHP Billiton Ltd. (BHP, BHP.AU) said late Wednesday.

SANTIAGO, Aug 11, 2011 (Dow Jones) -- The 15-day illegal strike at the Escondida copper mine in Chile didn't have a "relevant impact," the mine operated and controlled by BHP Billiton Ltd. (BHP, BHP.AU) said late Wednesday.

As Escondida, the world's largest copper mine, produces roughly 1.09 million metric tons of copper a year, press reports estimated the losses at around 3,000 tons of copper a day.

In a filing with the SVS securities regulator, Escondida responded to a recent SVS request to quantify the losses by saying it didn't consider such losses to be significant.

During the course of the strike, which ended last week, the mine invoked a force majeure suspension on its copper concentrate shipments, which freed it from meeting its contract obligations due to circumstances beyond its control.

BHP has a controlling 57.5% stake in Escondida, while Rio Tinto PLC (RIO, RIO.LN) holds another 30%. The remaining 12.5% is held by a Japanese consortium led by Mitsubishi Corp. (MSBHY, 8058.TO).

 

impacts;Escondida strike

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn