BHP set to detail copper growth plans on Chile roadshow, analysts say
The world's biggest listed miner will be hosting analysts and investors on a roadshow of its Escondida and Spence copper operations from Nov. 17-20.
Democratic Republic of Congo extended the suspension of Eurasian Resources Group’s Boss Mining copper and cobalt project for at least three months amid ongoing environmental and safety concerns.
The company hasn’t yet addressed issues that led to property destruction and multiple deaths after flooding reached a nearby community in March, Congo’s Mines Minister Antoinette N’Samba Kalambayi said in a Nov. 28 letter seen by Bloomberg.
The ministry first halted development of the mine in May. To remove the suspension, Boss should “implement the recommendations made by my services in order to prevent disasters that could lead to environmental damage and loss of life from happening again,” N’Samba Kalambayi said.
Re-development of the Boss project was started by ERG last November, after more than three years on care and maintenance. The mine is set to produce an average of 21,600 tons of copper and 3,600 tons of cobalt hydroxide per year.
In an emailed statement ERG Africa said it had made “substantial progress” implementing the ministry’s recommendations and has appealed the order. The suspension “has already adversely impacted its employees, host communities and suppliers,” it said.
The company said it is “optimistic” that discussions with the ministry “will warrant the restart of its operations as soon as possible.”
N’Samba Kalambayi didn’t respond to a text message seeking further comment.
(By Michael J. Kavanagh)
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