Pizarro: Codelco to Keep its Foot on the Brake
Nelson Pizarro, CEO, Corporación Nacional del Cobre (Codelco), delivered a speech at the Exponor conference in Antofagasta, Chile, on May 16. Those who are familiar with Pizarro know that he does not mince words. He is a respected engineer, who managed many Chilean mining operations during his 50-year career before taking the helm at Codelco in July 2014 in his 70s. During his tenure as CEO of the world’s leading copper producer, he has seen copper prices and head grades steadily decline, while costs continued to increase.
Continental Gold Garners Backing for Buriticá Project in Colombia
Continental Gold announced sales of company common shares to Newmont Mining and RK Mine Finance Master Fund I (Red Kite) having a combined value of $136 million. Continental will use the funds to advance its underground Buriticá gold project in Antioquia department, northwest Colombia, where formal construction is scheduled to begin before year-end 2017.
The Newmont transaction is valued at $109 million and will give Newmont an approximate 19.9% interest in Continental. In addition, the companies will form a strategic alliance to evaluate opportunities to partner on exploration of Continental’s other properties in Colombia.