Chile Collahuasi Mine Shipping Out Copper Despite Force Majeure
January 10 2011 - 12:35PM
Dow Jones News
Chilean mine Dona Ines de Collahuasi is shipping out copper
despite declaring force majeure on its copper concentrate sales
contracts on Dec. 20, the mining company said Monday.
Collahuasi survived a 33-day labor strike that ended in early
December without a contract suspension and met all its
copper-shipment commitments during the strike. However, a
post-strike accident at its Patache port forced the company to
evoke the contract suspension.
"The company is commercializing approximately the 70% of
production mainly through Altonorte Smelter, which belongs to its
shareholder Xstrata Copper Chile, and the Antofagasta Port,"
Collahuasi's new chief executive, Giancarlo Bruno, said in a
statement.
The mining company noted it was also looking to ship its copper
out of other ports in northern Chile, such as the port of
Arica.
It doesn't known when operations at its Patache port could
resume as the cause of the accident is still being
investigated.
Collahuasi is controlled by diversified mining companies Xstrata
PLC (XTA.LN) and Anglo American PLC (AAUKY, AAL.LN), each holding a
44% stake in the mine. A consortium led by Mitsui & Co. (MITSY,
8031.TO) holds the remaining 12%.
With an annual output of around 550,000 metric tons of copper,
it is one of the world's largest copper mines. It is located 185
kilometers southeast of the port of Iquique, high in the Andes
Mountains at 4,400 meters above sea level.
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919;
carolina.pica@dowjones.com
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