Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Chile’s Codelco, the world’s largest copper producer, sees greater synergy with its Andina mine and Anglo American’s neighboring Los Bronces mine following an environmental permit approval, the state-owned company’s chief executive said on Tuesday.
A committee of Chilean ministers approved the Los Bronces Integrado environmental permit on Monday, paving the way for a $3.3 billion extension of the project.
“There are always new synergies, mining has dynamics that progress as projects advance,” Codelco’s CEO Andre Sougarret told reporters after a panel at the World Copper Conference in Santiago.
“We are confident that this will generate a positive future for both operations,” he added.
Codelco is a shareholder in Anglo American Sur, which owns Los Bronces.
Conditional measures for the approval of Los Bronces Integrado include a joint study with Codelco’s Andina mine on monitoring particulate matter emissions.
“We have been working on it,” Sougarret said in regards to the monitoring, but did not provide details.
(By Fabian Andrés Cambero and Alexander Villegas; Editing by Marguerita Choy)
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