Gecamines offers $1 million to block Chinese deal with cobalt miner Chemaf
Chemaf agreed to sell its assets to Chinese defence and industrial giant, China North Industries Corp, or Norinco in June.
Xstrata’s CEO Charlie Sartain said that there will be “no progress on the feasibility study [of the Collahuasi mine] until we have full confidence that we are meeting business objectives.”
The Collahuasi expansion project, which involves an investment of USD 6.5 billion, was estimated to become operational in 2017.
Sartain said that the mine will produce 400,000 tons of copper this year, a decrease of 11% compared to 2011.
Source (Spanish): Portal Minero
