Skip to main content

BHP’s Spence Mine Copper Producing at ‘Slower Rate’

By Nathan Gill
Oct. 16 (Bloomberg) -- BHP Billiton Ltd., the world’s biggest mining company, said copper output at its 200,000-ton-a-year Spence mine in Chile continues at a “slower rate” as a strike by workers entered a fourth day.

Production was “the same as yesterday,” spokesman Mauro Valdes responded by text message to questions from Bloomberg News today, without elaborating. Spence produced about 100 metric tons of refined copper yesterday, compared with a normal average of 700 tons, Spence union president Andres Ramirez said yesterday in a telephone interview.

Unionized workers at Spence, near the northern city of Calama, walked out on Oct. 13 after rejecting a wage offer. Melbourne-based BHP produced 172,685 tons of copper at Spence in the 12 months through June 30 and plans to reach full capacity of 200,000 tons in the coming year, the company said Sept. 14.

Copper futures for December delivery declined 1.35 cents, or 0.5 percent, to $2.8455 a pound on the New York Mercantile Exchange’s Comex division. The price rose 0.3 percent this week.

Comments

Popular posts from this blog

Bailout Risk Grows for Ecuador After Worst Earthquake in Decades

By Nathan Gill April 19, 2016 (Bloomberg) -- Before a 7.8-magnitude earthquake struck Ecuador on Saturday, the South American nation’s finances were already in tatters as the government struggled to meet payments to municipal authorities, oil companies and even cancer hospitals. Cut off from global bond markets, President Rafael Correa must now find enough money to rehouse thousands.
As volunteers continue to rescue victims from the rubble of collapsed homes and buildings on Ecuador’s Pacific coast, doubts are growing about the country’s ability to pay for the reconstruction. The nation is already in its worst recession since the financial system collapsed in the late 1990s, and international reserves are at their lowest levels in almost seven years.
Click hereto read the full story on Bloomberg News.

Ecuador Quake Death Toll Rises as World Leaders Offer Support

By Benjamin Bain and Nathan Gill April 16, 2016 (Bloomberg) -- World leaders from the Vatican to Washington offered support to Ecuador as casualties mounted following one of the strongest earthquakes to strike the South American country in decades.
By Sunday evening, the number of dead had climbed to at least 246, from 77 earlier in the day. At least 2,527 were injured, the government said. President Rafael Correa flew to the epicenter in hard-hit Manabi province after cutting short a trip to Rome, for a conference at the Vatican, in the aftermath of the 7.8-magnitude earthquake.
Click here to read the full story on Bloomberg News.

77-Year-Old Wall Street Favorite to Face Fujimori in Peru Runoff

By Nathan Gill and John Quigley April 12, 2016 (Bloomberg) -- The victory by Pedro Pablo Kuczynski, a former finance minister, for second place in Sunday’s Peruvian president elections sets up a showdown between two business-friendly candidates, part of a regional backlash against left-wing politicians.
Kuczynski, a 77-year-old Oxford-trained political economist who’s spent more than 50 years championing debt control and free trade, won 21 percent of vote with 96 percent of the ballots counted, according to the electoral office. He will face Keiko Fujimori, who won 39.8 percent, in a second-round vote on June 5.
Click here to read the full story on Bloomberg News.