BHP bets billions on Chile mines to face global copper crunch
BHP detailed to investors this week plans to spend $10.7 billion to $14.7 billion within about 10 years.
Vale has reached a deal with the state of Para to have the operating licenses of its Onca Puma nickel mine and Sossego copper mine reinstated, the Brazilian miner said in a securities filing on Thursday.
Both licenses are expected to be reinstated within 48 hours, Vale said, adding it would then resume operations at both mines “as soon as possible” while starting to implement unspecified socio-environmental measures agreed by the two parties.
Para suspended the mines’ operating licenses earlier this year citing irregularities in an annual environmental report and “non-compliance” on mining mitigation efforts that it said resulted in conflicts with local communities.
Reuters reported last month the mining giant and the state government had moved closer to a court-mediated deal as Vale committed to resubmitting an environmental impact report meeting Para’s requirements.
The Onca Puma nickel mine has an estimated annual nominal capacity of 27,000 metric tons, while Sossego produced 66,800 metric tons of copper in 2023.
(By Gabriel Araujo; Editing by Jason Neely and Tomasz Janowski)
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