SilverCrest announces $54m bought deal, stock drops

Currently Vale supplies 12% to 14% of China’s consumption of the steel-making ingredient.

Japan already allocates 90% of its investment in Chile to mining.

Trend of mine production moving to emerging economies will continue.

Mining in Latin America has had an outstanding period of growth in the last two decades but is now facing many challenges.

This is the third project in the past four moths to be given the go-ahead after an initial unfavourable ruling.

The mine is expected to produce 120,000 tons of copper a year during its 20 years of mine life.

The ex-billionaire will remain the largest shareholder of the firm he founded in 2005.

Nelson Pizarro (73) will carry out the biggest investment plan in Codelco’s history.

The plunge in iron-ore prices is damping profits at the firm’s mining unit.