Mining & Metals: The week in 10 stories

Friday, September 7, 2018


Gold production by Latin America's top miners fell sharply in Q2, impacted by asset sales and lower grades at key operations. Top five producers were Goldcorp, Barrick Gold, Indrustrias Peñoles, AngloGold Ashanti, and Yamana Gold.

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State copper commission Cochilco said that 44 new mining projects are expected to add US65.7bn in investments over the next decade.

State-run Codelco saw its H1 pre-tax profits rise to US$1.24bn from US$990mn a year ago as a result of higher copper prices, better management and greater sales volumes, CEO Nelson Pizarro said.


New export taxes in Argentina will have a negative impact on McEwen Mining's US$2.36bn Los Azules copper-gold-silver project, CEO Rob McEwen said.


Mexican miner union leader Napoleón Gómez set out his aims for the country and the industry. Priorities include tackling "shameful" salaries and resolving conflicts, while continuing to seek justice for the 65 miners killed in the 2006 disaster at Grupo México's Pasta de Conchos coal mine.


The government formalized 18 small-scale miners in Piura region's San Sebastián de Suyo concession, as the region generally seeks to bring order to a sector blamed for pollution, deforestation, corruption and money laundering.


With the exception of Minas Gerais-based Usiminas, higher profits were the common denominator among the major Brazilian steelmakers in the second quarter, despite a nationwide truckers' strike which deeply affected the local economy during the period.

Norwegian company Norsk Hydro, which operates throughout the Brazilian aluminum chain, inked two deals with Pará state authorities regarding the company's Alunorte refinery in that state.


Canadian miner Continental Gold said 38% of construction work at its US$389mn Buriticá gold-silver project is complete and it remains on track to start production in 1H20.


Anglo-Australian BHP agreed with Guyana Goldfields to buy a 6.1% stake in Australian SolGold, which operates the Cascabel porphyry copper-gold project in Imbabura province, Ecuador.