Major Chilean port closed post earthquake; Copper mining operations largely unaffected

Published: Sep 18, 2015 15:53
The Chilean port of Coquimbo that handles huge volumes of copper concentrate export remains closed. However, mining operations are largely unaffected.

By  Paul Ploumis 18 Sep 2015  Last updated at 04:09:09 GMT

The Chilean port of Coquimbo that handles huge volumes of copper concentrate export remains closed. However, mining operations are largely unaffected.

SANTIAGO (Scrap Monster): The powerful earthquake which measured 8.3 on Ritcher scale generated waves as high as 49 feet, forcing authorities to close the port of Coquimbo, one of the major ports in the country that handles copper concentrate exports. However, major copper producers reported that copper mining operations remained largely unaffected.

According to reports, Los Pelambres mine in the Coquimbo region, operated by Antofagasta Minerals was badly hit by the tremor. However, no major damages were reported in the mine. The company has also confirmed that all of its employees are safe.

A statement issued by Teck Resources indicates that power supply to its Carmen de Andacollo mine in Coquimbo was interrupted. The damage is being checked for and will be rectified soon, it noted. Also, the quake has not resulted in any materials damage at the mine.

Also, Codelco has reported temporary suspension of operations at open pit mining in Andina division. The company press release stated that the damage is being checked for. Further, the operations at all its other mines are normal, Codelco noted.

Meantime, operations at the port of Coquimbo are halted. The port is being declared by the government as ‘emergency area’ in order to ensure that aids reach the region without delay. Additionally, troops will be deployed in region’s streets.

The port terminal has been damaged. According to operator Terminal Puerto Coquimbo, the damage has to be evaluated by specialized personnel before operations are resumed.


Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
SHFE Silver Gained Over 3%, Platinum Rose More Than 2%; Precious Metals Sector Posted Second Straight Gain; Silver and Platinum Spot Markets Saw Strong Wait-and-See Sentiment [SMM Flash News]
Aug 28, 2026 19:57
SHFE Silver Gained Over 3%, Platinum Rose More Than 2%; Precious Metals Sector Posted Second Straight Gain; Silver and Platinum Spot Markets Saw Strong Wait-and-See Sentiment [SMM Flash News]
Read More
SHFE Silver Gained Over 3%, Platinum Rose More Than 2%; Precious Metals Sector Posted Second Straight Gain; Silver and Platinum Spot Markets Saw Strong Wait-and-See Sentiment [SMM Flash News]
SHFE Silver Gained Over 3%, Platinum Rose More Than 2%; Precious Metals Sector Posted Second Straight Gain; Silver and Platinum Spot Markets Saw Strong Wait-and-See Sentiment [SMM Flash News]
Aug 28, 2026 19:57
Platinum Market Outlook Strengthens as Persistent Deficits Tighten Supply
Aug 28, 2026 14:41
Platinum Market Outlook Strengthens as Persistent Deficits Tighten Supply
Read More
Platinum Market Outlook Strengthens as Persistent Deficits Tighten Supply
Platinum Market Outlook Strengthens as Persistent Deficits Tighten Supply
[SMM Flash] Platinum's market outlook has strengthened significantly from the prolonged downturn described in earlier assessments, with persistent supply constraints now providing a stronger foundation for prices. The World Platinum Investment Council (WPIC) forecasts a fourth consecutive platinum market deficit in 2026, widening its estimate to 297 koz. Above-ground stocks are expected to fall to less than three months of global demand by year-end, highlighting increasingly tight physical availability. Mine supply is forecast to remain broadly flat while higher prices encourage recycling. Demand remains mixed. Automotive consumption continues to face structural pressure from battery-electric vehicle adoption, but hybrid vehicles, tighter emissions regulations and platinum substitution in autocatalysts are providing offsets. WPIC forecasts 2026 industrial demand to increase 9% to 2.24 Moz, supported partly by glass capacity expansion. Platinum's emerging applications in hydrogen technologies, semiconductor manufacturing and AI data-centre infrastructure could provide additional long-term demand, although the scale and timing remain uncertain. The near-term market is increasingly influenced by investment flows and the wider precious-metals environment. WPIC estimates that ETF outflows and exchange-stock reductions have removed around 750 koz from visible holdings in 2026, creating the possibility of a modest full-year surplus despite underlying physical tightness.
Aug 28, 2026 14:41
Southern African PGM Basket Prices Surge as Higher Metal Values Lift Producer Realisations
Aug 28, 2026 14:30
Southern African PGM Basket Prices Surge as Higher Metal Values Lift Producer Realisations
Read More
Southern African PGM Basket Prices Surge as Higher Metal Values Lift Producer Realisations
Southern African PGM Basket Prices Surge as Higher Metal Values Lift Producer Realisations
[SMM Flash] Southern African PGM producers are recording sharply higher realised basket prices as stronger platinum, palladium, rhodium and minor PGM prices feed through to producer revenues. Valterra Platinum reported a Q2 2026 realised basket price of $2,710 per PGM ounce, up 80% year on year, while its realised platinum, palladium and rhodium prices reached $1,966/oz, $1,452/oz and $10,014/oz, respectively. Tharisa reported a Q3 FY2026 contained-metal basket price of $2,681/oz, despite a 12% quarter-on-quarter decline. The latest results from Sibanye-Stillwater reinforce the trend. The company reported on August 27 that its South African operations achieved a 67% year-on-year increase in the average rand 4E PGM basket price received during H1 2026, while PGM sales increased 12%. SA PGM adjusted EBITDA rose approximately 300%, demonstrating the strong earnings leverage created by higher realised metal values. Realised basket prices remain distinct from individual spot benchmarks because producer revenues reflect the specific 4E or 6E metal mix, payable production, sales timing, exchange rates and commercial arrangements. Current data indicate that the sharp rise in PGM prices is materially improving producer realisations, although quarter-on-quarter declines at Valterra and Tharisa show that basket values remain sensitive to individual metal price movements. With platinum currently around $1,850/oz and palladium around $1,300/oz, the market is entering a period in which metal mix and realised pricing will remain important determinants of Southern African PGM margins.
Aug 28, 2026 14:30