Chile's Collahuasi To Make Copper Shipment Using New Port
January 17 2011 - 8:22AM
Dow Jones News
Chilean mine Dona Ines de Collahuasi will use the northern port
of Arica to make another shipment of copper concentrate this week,
despite declaring force majeure on its copper concentrate sales
contracts on Dec. 20, a company spokeswoman 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 mine, one of the biggest in the world, will now also use the
Arica port to make copper shipments, after it recently said it's
commercializing some 70% of production mainly through the Altonorte
Smelter, owned by its shareholder Xstrata Copper Chile, and through
the Antofagasta Port.
The company spokeswoman couldn't confirm how much copper
Collahuasi would be shipping through the Arica port.
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,
the mine 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.
Chile is the world's leading copper producer, accounting for
nearly 35% of global supply.
-By Anthony Esposito, Dow Jones Newswires; 56-2-715-8929;
anthony.esposito@dowjones.com
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