SLIDESHOW: 2-minute history of the iron ore wars

With a personal investment of $225 million on the line, much is at stake for Rob McEwen with the success of McEwen Copper’s flagship Los Azules project in Argentina.

The Chuquicamata mine, located in northern Chile, is one of the largest open-pit copper mines.

A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.

The miner's output was 3% lower than expected.