Escondida’s Copper Production Ramps Up
Minera Escondida has finally shaken off the effects of a labor strike that impacted production at the mine for 44 days between February and March. The mining company, which is owned by BHP, reported that copper production had increased by 23% to 268,000 tons during the third quarter of 2017.
Fortuna Starts Building Lindero Gold Project
Fortuna Silver Mines has started construction of its 100% owned Lindero gold project in Salta province, northwest Argentina. Gold recovered to doré will average 96,000 ounces per year (oz/y) over a mine life of 15 years, with peak production in the first two years of about 137,000 oz/y. All-in sustaining costs of production are estimated at $802/oz.
Tinka Explores for Zinc in Peru
The president of Canadian mining company Tinka Resources Ltd., Graham Carman, estimated that it will need about $20 million for its Ayawilca project in the next two years, the zinc-silver-lead-tin project located in the Peruvian department of Pasco. “We have a very interesting project, which is zinc, which is one of the biggest discoveries in Peru in several years,” Carman said.
Americas Silver Ships First Cons From San Rafael
Americas Silver Corp. announced that first processing of ore from its San Rafael project occurred in the last week of September from development stockpiles. The first lead and zinc concentrates produced from the company’s newly modified Los Braceros Mill have been shipped to the Port of Manzanillo from the Cosalá Operations in Sinaloa, Mexico.
Glencore Increases Stake in Volcan
After concluding an agreement with certain shareholders of Volcan Compañia Minera S.A.A., a Peruvian polymetallic miner, Glencore will acquire at least an additional 27% of the total class A common shares of Volcan for a total consideration of $531 million ($1.215/share). Glencore has been a shareholder in Volcan since 2004 and it currently holds 18% of the total class A common shares of Volcan and class B common shares reflecting an economic interest in Volcan of 7.68%.
ArcelorMittal Invests in Mexican Operations
ArcelorMittal announced a major $1 billion, three-year investment program for its Mexican operations, which is focused on building ArcelorMittal Mexico’s downstream capabilities, sustaining the competitiveness of its mining operations and modernizing its existing asset base. The program is designed to enable ArcelorMittal Mexico to meet the anticipated increased demand requirements from domestic customers, realize in full ArcelorMittal Mexico’s productive capacity of 5.3 million metric tons (mt) and significantly enhance the proportion of higher-value added products in its product mix.