Turquoise Hill stock tanks on Mongolia mine funding

Labour action threatened after half the workers at El-Abra mine in Chile – jointly owned by world's top copper miners Codelco and Freeport – were let go.

The cash injection comes from selling half of its interest in the Porgera mining operation to the Chinese group last May.

Chile's state-owned giant slashes costs 11% and boosts production as it takes the fight to the competition amid slumping copper price.

The Vancouver-based miner aims to produce 280,000 to 300,000 tonnes of the red metal a year, but commercial levels won't be reached until state power utility Zesco finish connecting the mine to the power grid.

With the only exception of gold, production numbers for most other commodities mined in the Central African nation are also expected to decline this year.

The miner has responded to deteriorating market conditions by slashing spending and cutting jobs, mostly at its North American operations.

The miners expect significant savings and environmental advantages by combining the two neighbouring projects, which are only 40 kilometres apart.

The verdict, however, doesn't allow the company to resume operations at its gold-copper Skouries mine.

Authorities say the $2.5 billion illicit mining industry is creating a parallel economy that is deemed to damage the business of those who operate legally.