- Write by:
-
Tuesday, April 28, 2020 - 7:22:34 PM
-
791 Visit
-
Print
Mining News Pro - Freeport’s El Abra copper mine in Chile said on Monday it would scale back copper processing by 40% and lay off workers as global prices for the red metal plunge amid the coronavirus pandemic.
According to Mining News Pro - The company said the plummeting copper price had put it in a “complex” situation and it would lay off 275 workers.
“Currently, all of our company’s efforts are aimed at maintaining operational continuity under this new scenario and working toward recovering production when market conditions improve,” the mine said in a statement.
El Abra said it would reduce its processing of copper ore from 110,000 tonnes daily to 65,000.
Elsewhere in Chile, the world’s top copper producer, some copper miners have considered cutting production, though for now most have opted to reduce staff, beef up sanitary precautions and maintain operations.
Several companies, however, including state miner Codelco, have decided to put some projects on hold amid the outbreak.
Short Link:
https://www.miningnews.ir/En/News/522356
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
Chile’s state-run miner Codelco plans to select a partner for a future lithium project in one of the country’s top salt ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
No comments have been posted yet ...