{"id":1122514,"date":"2019-06-21T15:13:15","date_gmt":"2019-06-21T15:13:15","guid":{"rendered":"https:\/\/www.mining.com\/?p=994517"},"modified":"2019-06-21T16:13:15","modified_gmt":"2019-06-21T16:13:15","slug":"chiles-codelco-has-already-lost-17-5-million-on-chuquicamata-strike","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1122514","title":{"rendered":"Chile\u2019s Codelco has already lost $17.5 million on Chuquicamata strike"},"content":{"rendered":"

Chile\u2019s Codelco, the world\u2019s largest copper producer, has already lost $17.5 million due to an ongoing strike at its Chuquicamata<\/a> copper mine, its largest operation, as the labour action enters week two.<\/p>\n

About 3,200 unionized workers in
\nChile downed tools on June 14, after failing to reach a deal with the state-owned
\nminer.<\/p>\n

According to local mining consultant PLUSmining<\/a>, the copper giant is losing about $2.5 million per day in missed production, estimated in 500 tonnes per day. <\/p>\n

That means the impact on Codelco\u2019s revenue is already of the tune of $17.5 million, while lost production amounts to about 3,500 tonnes.<\/p>\n

\n
\n

The copper giant is losing about $2.5 million per day in missed production, equivalent to nearly 500 tonnes per day.<\/p>\n<\/blockquote>\n<\/figure>\n

The company, which last month
\nreported an 18% year-on-year drop in its first-quarter copper output, is in the
\nmidst of a $5.6 billion project<\/a> to turn century-old
\nChuquicamata, its second largest copper operation by size, into an
\nunderground mine.<\/p>\n

The last blast at the bottom of the
\nopen pit was carried out in November<\/a>, though copper extraction goes on.
\nThe company has said it plans to gradually decrease activities<\/p>\n

Chuquicamata\u2019s switch is part
\nof Codelco\u2019s 10-year, $39 billion-overhaul of its core assets, and is
\nexpected to extend the iconic mine\u2019s life by at least 40 years. It will also
\nallow the copper giant to keep up production rates, despite falling ore grades
\nand increasing costs at its operations.<\/p>\n

Annual production from \u201cChuqui\u201d \u2014
\nas locals call it \u2014 once it has fully transitioned to underground extraction is
\nprojected to be 320,000 tonnes of fine copper and 15,000 tonnes of molybdenum.<\/p>\n

Codelco, which hands over all of its profits to the state, holds vast copper deposits, accounting for 10% of the world\u2019s known proven and probable reserves and about 11% of the global annual copper output with 1.8 million metric tonnes of production.<\/p>\n

Ugly trend<\/strong><\/h2>\n

The world\u2019s main copper producing
\nnations have been showing output declines this year<\/a>, according to the
\nInternational Copper Study Group<\/a> (ICSG).<\/p>\n

Global production declined 2.4% in
\nFebruary 2019, when compared to the same month last year, with 1,515kt
\n(19,749ktpa) of contained copper produced globally.<\/p>\n

Chile led the pack with output down
\n7.1 % y\/y to 415.9kt (5,412ktpa) while Peru, the second main global producer,
\nsaw its output fall by 5.1% y\/y to 176.1kt (2,296ktpa).<\/p>\n","protected":false},"excerpt":{"rendered":"

Lost production in the first week of the labour action amounts to about 3,500 tonnes of copper.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1122514"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1122514"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1122514\/revisions"}],"predecessor-version":[{"id":1122656,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1122514\/revisions\/1122656"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1122514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1122514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1122514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}