Articles By Region: Latin America
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Chile’s state-owned Codelco, the world’s largest copper producer, has finalised an agreement with South Korea’s LS-Nikko to construct a metals recovery unit in Mejillones in northern Chile
At first, plans for a uranium mine at Cauldron Energy Ltd’s Rio Colorado project in Argentina went down like a lead balloon with the local community.
Copper production and prices are due to have a seesaw couple of years, according to Chile’s copper commission (Cochilco), with prices due to rise in 2014 before falling back next year.
ARGENTINA’S president, Cristina Fernandez, has vetoed a law protecting the country’s glaciers. The law, which was passed by congress in November, restricted drilling on or near glaciers in the country, and could have restricted development of Barrick Gold Corp’s US$2.4 billion Pascua Lama project straddling the Argentine-Chilean border.
The latest work by the World Economic Forum has focused on defining scenarios for the future of the mining industry. Here the WEF explains just how the future might look
Starting as little more than a ‘something must be done’ idea, the Extractive Industries Transparency Initiative has developed into the most prominent standard for good governance in oil and minerals rich countries
Codelco would be allowed to retain US$200 million of its 2013 profit as part of the Chilean government’s effort to help fund a revamp of the company’s aging copper mines, Bloomberg reported
Between now and 2018, the northern Brazilian state of Pará would attract US$47 million in new mining investment, according to local trade body Simineral
Two facilities worth US$6.96 billion have been arranged by the China Development Bank (CDB) for MMG Ltd, Guoxin International Investment Corporation Ltd and Citic Metal Company Ltd’s US$5.85 billion joint acquisition of Glencore plc’s Las Bambas copper-gold mine in Peru, MMG said
Once the darling of the emerging markets, Latin America’s biggest economy has been on a bit of a downer recently, dogged by doubts, demonstrations and dampened investor sentiment. But as the World Cup gets into full swing and Neymar really starts to show off his skills, there are clear signs that things may be on the up.
Horizonte Minerals plc can think itself lucky. Last week its Araguaia nickel project became the first mining venture to be granted the Seal of Priority by the Brazilian state of Para’s department of industry, commerce and mining (SEICOM), marking it out as a development of significant importance that would, in theory, be guided through the approval process in as speedy a manner as possible.
Colombia could increase its annual GDP growth rate by more than a percentage point and its mining industry could become more cost-competitive if the country successfully implements plans to improve its transport network, a report Standard & Poor’s says.
Latin American-focused Minera IRL has taken a further step towards starting development of its Ollachea gold project in Peru with a debt finance offer from Macquarie now on the table and a construction permit to hand.
Workers have downed tools at First Quantum Minerals Ltd’s 80%-owned US$6.4 billion Cobre Panama copper-gold project after a new work roster introduced to increase efficiency at the site met with disapproval.
The market has responded well to Austral Gold Ltd’s acquisition of Yamana Gold Inc’s Amancaya project in Chile.
As all eyes stay glued to our television screens as the World Cup gets into full swing in Brazil, it’s worth remembering that away from the football the country isn’t just about the sun, sea and samba, it’s also made a name for itself for sustainable development.
SolGold plc thinks it is onto a winner. This week the company extended the visible copper sulphide mineralisation in hole seven of its 85%-owned Cascabel copper project in Ecuador and is now looking to prove up even more impressive results with further drilling, the company told Mining Journal.
As the managing director of emerging success story Crusader Resources Ltd, Rob Smakman has been full time on the ground in Brazil for the past eight years, working on the company’s two mainstay projects and continually seeking other projects in the resource-rich, vast country. He’s seen a lot over that time, including no doubt a fair bit of dross, but Smakman reckons he could be onto something very nice indeed with Crusader’s latest venture.
For mining companies operating in some of the most inhospitable places on earth, an informed assessment of risk is as indispensable as understanding the potential economic value of projects under development.
Peru is hoping to encourage more mining investment through the introduction of new tax stability contracts, part of wider economic stimulus reforms aimed at boosting the economy going to congress for approval next month.
Turner & Townsend has appointed a Latin America natural resources director to be based in its new Rio de Janeiro office
First Quantum Minerals Ltd’s (FQM) latest acquisition has not been received entirely positively by the market. Concerns were raised over the hefty capital expenditure (capex) bill associated with building another large copper project, whether its engineering team would be spread too thinly with another project to build in the pipeline, and Argentina’s investment credentials. But this is not new territory for FQM.
Molybdenum consumption is tipped to rebound in 2014 and growth in demand will outpace supply
A week after sacking former chief executive (CEO) Thomas Keller, Chilean copper producer Codelco has put in place a temporary head to allow it time to search for a full-time replacement.
Guyana Goldfields Inc has received credit approvals for its US$185 million debt facility this week, as it shored up the funds to bring its US$277 million Aurora gold project in Guyana into production
A new government brings uncertainty in Latin America’s copper hub
Is the drought in new mining issues on London’s AIM stock exchange about to be broken by Bacanora Minerals Ltd, a company developing borate and lithium assets in northern Mexico?
The management axe was wielded again on Friday by Chilean state-owned miner Codelco as disagreements at the board level over cutting costs and retaining its position as the world’s biggest copper miner cost Thomas Keller his job.
Peru is set for a surge in export revenue in the last six months of the year as almost US$15 billion worth of copper projects start to bear fruit, according to Spanish bank BBVA.
Australian-listed mineral sands producer Iluka Resources Ltd has managed to wedge a foot in the door to one of the largest undeveloped titanium projects currently known.
Royalty company Anglo Pacific Group plc has purchased a 2% net smelter royalty for the Maracás vanadium project in Brazil
Kinross Gold Corp is reportedly looking to recover around US$300 million of the US$720 million it wrote down from the Frutal del Norte gold project
An updated geological model at Minera IRL Ltd’s Ollachea gold project in Peru has allowed the miner to bring forward more ounces in the first two years, which has improved the project’s net present value and internal rate of return.
Nicaragua is too often overlooked as a destination for foreign capital by mining groups and others, primarily because of its reputation as a hotbed of socialism under left-leaning president, Daniel Ortega, formerly a hardline Marxist-Leninist with a deep-seated loathing of capitalism.
Shareholders of Pacifico Minerals Ltd have had precisely naught to get excited about for quite a few years, but drilling underway in Colombia has the potential to change all that.
Australian miners and equipment companies have come in for some criticism for being too reticent about investing in Latin America, a region said to capture 27% of the global mineral exploration spend and which produces 45% of the world’s copper, 50% of its silver, 26% of its molybdenum and equally high percentages of zinc, gold and iron ore.
One of the unwritten rules of banking and broking is that incompetence is not a crime. Lying, thieving, misrepresenting, falsifying, distorting, and just plain making stuff up, are very much frowned upon by those solid chaps who make the rules, but being wrong is not something anyone dares outlaw as most of us do it quite a lot
The acquisition of Sulliden Gold Corp by Rio Alto Mining Ltd shows just how much you have to pay for low-cost oxide resources in a fairly stable jurisdiction, even in a depressed gold market
Read articles from the latest Print Edition - MJ 11/07/14
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