Chile Collahuasi Ships 11,000 Tons Of Copper
January 03 2011 - 11:18AM
Dow Jones News
Chilean copper mine Dona Ines de Collahuasi shipped 11,000
metric tons of copper on Dec. 26 and will look to ship a similar
amount this week, a company spokeswoman said, confirming
information on the website of the northern port of Antofagasta.
Despite the copper shipments, force majeure--a contract
suspension that companies use when faced with circumstances beyond
their control--is still in place. Collahuasi made the declaration
of force majeure on Dec. 20 after an accident at its Patache port
last month killed three workers and left severe structural
damage.
"I can confirm the information on the website, we shipped out
11,000 tons last week and are looking to ship around another 11,000
tons this week...the force majeure, however, is still in place,"
said company spokeswoman Bernardita Fernandez.
Last week, Collahuasi began the process of obtaining
authorization to use alternative land and maritime transport for
shipping its copper concentrate.
The accident at its Patache port came on the heels of a 33-day
labor strike that ended in early December. Collahuasi met all its
sales contracts during the strike.
Collahuasi is controlled by diversified mining companies Xstrata
PLC (XTA.LN) and Anglo American PLC (AAL.LN), with each holding a
44% stake in the mine. A consortium led by Mitsui & Co. (MITSY,
8031.TO) holds the remaining 12%.
With annual output of around 550,000 metric tons of copper, it
is one of the world's largest copper mines. It is located 185
kilometers southeast of the port of Iquique, high in the Andes
Mountains at 4,400 meters above sea level.
-By Anthony Esposito, Dow Jones Newswires; 56-2-715-8929;
anthony.esposito@dowjones.com
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