Freeport Indonesia to process 400,000t of copper concentrate at new smelter
Earlier this month, Freeport obtained an export permit for the rest of the year from the government.
Barrick Gold (TSX, NYSE:ABX), the world’s largest listed miner of the precious metal, announced Thursday it has appointed Sergio Fuentes as executive project director for Pascua Lama gold and silver project in South America.
The news come only a day after the project executive director in Chile, Eduardo Flores, told local media that Barrick was hopeful it could find a way forward with the long-delayed mine, which straddles the border with Argentina.
Pascua-Lama has been halted for over a year over a mix of issues, including permitting problems, higher-than-expected costs and a sharp drop in gold prices. Pascua Lama has also faced thestrong and organized opposition of the local indigenous communities, which pushed the company to officially mothball it in July.
And while still hopeful, the Toronto based miner said a decision to restart the project will depend on resolution of permitting and legal matters in Chile as well as improved project economics. “The company will only proceed with construction if the project meets minimum return-on-investment thresholds,” the company said.
The newly appointed executive director was most recently vice president, projects for Codelco —the world’s No.1 copper producer — and has nearly 30 years of experience in the industry, with a proven track record of engineering, optimizing and constructing complex mining projects, including high-altitude operations in the Andes, the company added.
Fuentes will focus on optimizing detailed engineering, improving the project’s economics and developing a robust execution plan for remaining construction activities at Pascua-Lama in an environmentally responsible manner.
The company plans to apply for a new water permit for the project in the first quarter of 2015, co-president Kelvin Dushnisky said last month.
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Kirill Klip
TNR Gold Los Azules Copper M&A: Barrick In Talks With Chinese Miner Zijin On Pascua-Lama Investment.
Argentina comes to the forefront of mining M&A activity with this report about Barrick’s talks with another Chinese miner. Los Azules copper is located in the same province San Juan in Argentina and will benefit from any potential development at Pascua Lama. China is very active in Argentina. Trade and military cooperation agreements were signed and currency swap line is in place now. Recent change to the investment rules will allow more investment into the very lucrative shale oil sector in the country. Next year elections should be changing the investment climate for the better as well continuing this trend.
http://kirillklip.blogspot.co.uk/2014/11/tnr-gold-los-azules-copper-m-barrick-in.html#