Nippon to write down value of Chile's Caserones
Japan's JX Nippon Mining & Metals will write down the value of its investment at its Caserones copper mine in northern Chile by 50bn-yen (US$420mn).
The company said the special loss is due to delays in raising production to full capacity, following the longer than expected construction of a waste disposal facility, according to a press release.
JX Nippon Mining & Metals controls Caserones via its 77%-owned Pan Pacific Copper, which in turn owns Lumina Copper Chile. Mitsui holds the remaineing stake in the JV.
Last week the company announced it was paying an US$11.9mn fine imposed by Chile's national environmental regulator for breaches of its environmental permit at Caserones.
The company also had to suspend operations temporarily at the mine on Wednesday and Thursday following torrential rains affecting northern Chile.
Caserones began commercial operations in 2014.
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