Thursday, September 25, 2014

Chile sees $105bn mining investment in next decade

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Latin America News Digest
Friday 26 September 2014
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The massive figure includes a recently announced $23.5 billion for state-owned copper miner Codelco to revamp century-old mines that are running out of profitable ore.

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Bubble chart shows heavy reliance on iron ore and oil for revenues and profits post demerger.

Top iron ore miner Vale expected claw back market share from Australian competitors thanks to its Serra Sul mine and use of Valemax mega-carriers.

Mega-carriers docking in China will see Brazilian giant Vale double export volumes to China over the next five years.

Shanghai Metals Market warns slim profits and continuous declines in steel prices have dampened Chinese mills' appetite for iron ore.

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

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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.

Miner Anglo American said on Wednesday it won environmental regulatory approval to operate the slurry pipe at its Brazilian iron-ore project Minas Rio, a crucial step in meeting a deadline to enter production by the end of the year.

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