Chile's Collahuasi Looking For Alternate Port To Ship Copper
22 December 2010 - 2:36AM
Dow Jones News
Chilean copper mine Dona Ines de Collahuasi is looking for an
alternative port from which to ship its copper concentrate, after
declaring a force majeure suspension on its copper concentrate
sales contracts, the company said Tuesday.
The force majeure follows a 33-day labor strike that ended
earlier this month during which the company met all its sales
contracts.
Collahuasi invoked the force majeure, a contract suspension that
companies use in circumstances beyond their control, after an
accident killed three workers at its Patache port.
"Mine production remains normal at this time and we're actively
pursuing other ports to ship concentrate from... while we look,
we're storing concentrate," said company spokeswoman Bernardita
Fernandez.
On Dec. 18, its shiploader suffered a structural failure causing
the death of the three maintenance workers and severe damage to
parts of the loading facilities.
Collahuasi is evaluating the extent of the damage and how long
it will take to repair the shiploader.
The mine 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 one of the world's largest copper mines. It is 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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