Chile's Collahuasi Port Operations Could Resume In May -Report
March 04 2011 - 11:35AM
Dow Jones News
The Patache port at Chilean copper mine Dona Ines de Collahuasi
could resume operations in May, Valor Futuro newswire reported
Friday citing an executive at Anglo American PLC (AAL.LN, AAUK),
one of the mine's controllers.
Collahuasi declared a force majeure suspension on its copper
concentrate sales contracts on Dec. 20 following a fatal accident
that shut down the Patache port. A force majeure clause in a
contract allows a company to suspend its commitments due to an
event beyond the company's control.
Since the port closure, Collahuasi has been shipping copper out
of three northern Chile ports, but hasn't lifted the force
majeure.
"Collahuasi is bringing its concentrate management back to
normal, reducing stocks and we hope that Patache operations will be
back to normal in May," the newswire quoted Miguel Angel Duran,
president of Anglo American Chile, saying.
A Collahuasi spokeswoman said she couldn't immediately confirm
the May operations date for the port.
Xstrata PLC (XTA.LN) and Anglo each hold a 44% stake in the
mine, while a consortium led by Mitsui & Co. (MITSY, 8031.TO)
holds the remaining 12%.
With an annual output of around 550,000 tons of copper, the mine
is one of the world's largest. 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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