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Chile Collahuasi Mine Shipping Out Copper Despite Force Majeure

SANTIAGO -(Dow Jones)- Chilean mine Dona Ines de Collahuasi is shipping out copper despite declaring force majeure on its copper concentrate sales contracts on Dec. 20, the mining company said Monday. Collahuasi survived a 33-day labor strike that ended in early December without a contract suspension and met all its copper-shipment commitments during the strike. However, a post-strike accident at its Patache port forced the company to evoke the contract suspension. "The company is commercializing approximately the 70% of production mainly through Altonorte Smelter, which belongs to its shareholder Xstrata Copper Chile, and the Antofagasta Port," Collahuasi's new chief executive, Giancarlo Bruno, said in a statement. The mining company noted it was also looking to ship its copper out of other ports in northern Chile, such as the port of Arica. It doesn't known when operations at its Patache port could resume as the cause of the accident is still being investigated. Collahuasi 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, 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 Carolina Pica, Dow Jones Newswires; 56-2-715-8919; carolina.pica@dowjones.com

Stock News for Mitsui (MITSY)
DateTimeHeadline
04/07/201104:41:01Mitsui & Co: To Buy 30% Stake In Malaysia's Integrated Healthcare...
04/05/201111:19:08CESCO:Chile Collahuasi Mine Mulling Use Of Sea Water In Expansion
04/01/201111:57:11Chile Collahuasi Copper Mine Lifts Force Majeure On Shipments
03/30/201103:26:01Mitsui & Co: To Invest Extra $340Mln In Australian Iron Ore JV...
03/16/201101:25:09Exxon Mobil To Restart Kawasaki, Chiba Refineries In Coming Days
03/15/201107:15:54Russia: LNG Supply To Japan As Normal; May Up Shipments
03/14/201109:06:12Russia May Redirect LNG Supplies To Japan
03/04/201111:35:11Chile's Collahuasi Port Operations Could Resume In May -Report
02/07/201103:17:37East Africa Gas Potential Grows With Another Anadarko Discovery
02/02/201115:45:23Chile Collahuasi Seeking Approval To Ship From A Third Copper...
02/01/201109:30:30Russian Railways Heads Japan, Korea Bid For Tavan Tolgoi - Co
01/25/201103:35:23JBIC To Loan Up To $700 Million To Mitsui & Co. Unit's Shale...
01/20/201122:48:48Mitsui & Co: To Buy Additional IPM Eagle Shares Worth $95 Million
01/18/201111:21:16Chile Collahuasi Says Patache Port To Be Operational In 3 Months
01/17/201108:22:08Chile's Collahuasi To Make Copper Shipment Using New Port
01/10/201112:35:49Chile Collahuasi Mine Shipping Out Copper Despite Force Majeure
01/03/201111:18:17Chile Collahuasi Ships 11,000 Tons Of Copper
12/22/201002:10:26Mitsui & Co: To Boost Iron Ore Shipment Capacity At Australia...
12/21/201010:36:14Chile's Collahuasi Looking For Alternate Port To Ship Copper
12/20/201011:34:19Chile Collahuasi Declares Force Majeure Following Port Accident

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