Tuesday, September 23, 2014

Strike at world’s biggest copper mine

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Copper News Digest
Wednesday 24 September 2014
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Close to 2,800 miners at Chile's Escondida mine, jointly owned by BHP Billiton and Rio Tinto, did not show up for work Monday morning, iddling a 1.2 million tonnes a year operation.

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The announcement marks the end of a long-dragged dispute between the Colorado-based miner and Southeast Asian nation.

So far Grupo Mexico has been charged with more than $3 million in fines, and could face more.

Two mines in the Snow Lake area of Manitoba, Canada, were officially opened last week.

A few weeks ago, we heard from Pierre Lassonde of Franco-Nevada on the power of the royalty business model. Just recently, I spoke with another 'superstar' of the natural resource industry — Frank Giustra.

"All that's required is to hand the world's best mining assets to the world's best management."

Strike action closes Guelb Moghrein copper-gold mine which accounts for 10% of Vancouver company's copper output and a quarter of its gold production.

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Coffin believes that in the short term a price of $1,200/oz is possible, though there is room now for an oversold bounce.

Next week, CEOs, financiers and investors will gather for two days of sharing ideas and networking opportunities.

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