Yamana to take on full control of El Penon

After ten years of exploiting the gold- and silver-mine El Penon in Chile, the constructor Gardilcic has sold up the entirety of its operations to Canadian company Yamana Gold, already the owner of the reserve. Yamana is working to a strategy of total control of its operations. El Penon is to be found 165 kilometres south-east of Antofagasta and boasts an annual production capacity of over 400,000 ounces of gold equivalent, explains country manager for the gold group, Ricardo Palma Contesse. The transfer of operational responsibility will actually occur on January 5, 2010, although Gardilcic will remain on site for four more months.

Publication: SABI - Business News
Provider: South American Business Information
December 6, 2009

Molymet proposes capital increase, more directors

Chilean molybdenum products producer Molymet reported it plans to call a shareholder meeting to propose a capital increase and the addition of more directors to its board.

The capital increase, for which Molymet did not specify an amount, is to be carried out through the issue of shares over three years, the company said in a statement to securities regulator SVS.

Molymet sold 37,581t of molybdenum products in this year's first half for US$1.45bn in revenues and US$75.2mn in net earnings.

Created in 1975, Molymet has operations in Chile, Mexico, Germany and Belgium. The company's products include molybdic oxide powder and briquettes, ferromolybdenum, perrhenic acid, rhenium metal powder and pellets, and ammonium dimolybdate. The products are used in specialty steelmaking, the chemicals industry, and metallic and superalloys.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: September 10, 2008

Rio Tinto extends Cu exploration JV in Chile with Codelco

Rio Tinto has signed two more joint-venture agreements with the world`s largest copper producer Codelco for copper exploration in Chile.

The agreements with Codelco`s subsidiary CCM Los Andes include the exploration of the Estel and Paloma prospects in northern Chile and follow the first joint agreement signed between the two companies in January (MB Jan 24).

Rio Tinto has the option to acquire a 55% interest in each prospect through stand-alone exploration investments of $20 million. The agreements include provisions to increase Rio Tinto`s ownership to 60%.

"We are very pleased to enter into these additional agreements which strengthen Rio Tinto`s relationship with Codelco and provide access to some of the most prospective copper tenement in the world," Rio Tinto Copper ceo, Bret Clayton, said in a statement on Tuesday.

The Esteli property adjoins the Exploradora mine, which was subject to the first joint venture agreement between Rio Tinto and Codelco, while the Paloma property is located close to the copper mines at Spence and El Tesoro.

An exploration drilling programme is currently underway at Exploradora and will be followed by drilling at Paloma this year.

Rio Tinto has several additional copper exploration properties under title which are scheduled for drill-testing later this year.

Publication: Metal Bulletin
Provider: Metal Bulletin com
Date: September 2, 2008

Chilean miner and Wisco discussing partnership in iron ore

Chilean miner Minera Santa Bárbara (MSB) is negotiating a joint venture with Chinese steelmaker Wisco to develop iron ore reserves in the country, Steel Business Briefing learns from Australia’s Admiralty Resources, MSB’s parent company.

According to the group, the Chilean iron ore producer has at least eight mines not operating, which “would be suitable for such co-development."

MSB operates at Atacama, northern Chile. Currently, the company has a sales contract with Wisco. Both parties are also negotiating a new supply contract for a period of five or ten years.

Admiralty also says it is in advanced negotiations to acquire a 40% stake owned by Wyndham Explorations in MSB. This will allow the Australian group to reach a 100% ownership of the Chilean miner.

Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: August 29, 2008

Enami opens expanded Chañaral copper plant

Chile's mining minister Santiago González inaugurated Monday (Aug 11) expansions at the Chañaral plant of state-owned copper producer Enami in region III, according to a statement by the ministry.

Following US$10.5mn in expansions, the Chañaral plant can produce up to 800t/m in copper cathode, according to the ministry.

Enami's role as a state company is to buy and process copper ore from miners too small to produce their own cathodes or concentrate as a way to support Chile's small and midsize mining sectors.

The company has suffered from overstock for some time with limited amount of processing capacity compared to its stockpiles.

The expansions to the Chañaral plant will aid the company is reducing its overstocked ore.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: August 13, 2008

Teck Cominco updates Quebrada Blanca Cu resource

Vancouverite Teck Cominco (TSX: TCK.A, TCK.B) has reported an inferred resource estimate of primary sulfide mineralization at its Quebrada Blanca property in Chile of 11Blb (4.99Mt) of contained copper and 450Mlb of molybdenum.

The resource in grades is 1.03Bt at 0.50% copper and 0.020% molybdenum, according to a Teck Cominco statement.

The company added that within the 1.03Bt resource, it has identified a higher-grade area beneath the existing sulfide pit with roughly 300Mt grading 0.55% copper and 0.020% molybdenum.

"That portion of the deposit could provide a substantial starter pit for a period of 5-10 years that would benefit from having been largely pre-stripped by ongoing mining of the supergene ore body," company CEO Don Lindsay said in the statement.

Teck Cominco acquired Quebrada Blanca with its purchase of compatriot company Aur Resources last year.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 5, 2008