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.
A Khazakhstan mining and metals group says it’s forging ahead with plans to build a $2 billion iron ore mine in northeast Brazil despite major logistical and environmental obstacles, while speculation about a takeover-bid swirls.
The Pedra de Ferro iron ore project is already four years behind schedule, and the company may miss the 2014 start-up date as it is still waiting for environmental licenses to build a port from which to ship the iron ore, and for Brazil’s federal government to build a railroad.
Brazil’s federal environment agency blocked the initial port project at Porto Sul, Ilheus, saying it would damage the coral reef, and it’s unclear if the new site, some 5 kilometers further south, will be approved. In the meantime, the government is still at an initial stage on construction of the 3 billion Brazilian reais ($1.9 billion) rail link.
