Latest news with #Chile
Daily Mail
5 hours ago
- Business
- Daily Mail
Rio Tinto ramps up copper production as Trump preps fresh tariffs
Rio Tinto expects annual copper output to come in at the top end of forecasts, just as President Donald Trump prepares to slap hefty tariffs on US imports of the metal. The mining giant, which this week named iron ore boss Simon Trott as its next chief executive, told investors on Wednesday that 2025 copper output has been boosted by the 'continued successful ramp up' of its Oyu Tolgoi mine in Mongolia. Rio Tinto is making progress towards making the mine the fourth largest in the world by 2030. It also expects 'good performance' at Escondida in Chile – the world's largest. The group now expects copper output to hit the top end of a 780,000 to 850,000 tonne forecast, while 'good cost controls' are set to drive the cost of production lower than initially forecast. It follows upheaval in copper markets amid the threat of 50 per cent tariffs set to be imposed on US imports from 1 August In response, a wide gap has opened between the price of the metal traded in the US compared to prices in London as exports from other countries become less appealing. As Trump ploughs ahead with efforts to force greater onshoring of US industry, Rio Tinto already suffered a £300million tariff hit within its Canadian aluminium business in the first half. However, this was partially offset by US premiums for the metal. The group also reported its strongest second-quarter iron ore production since 2018. It boasted a 13 per cent sequential rise in second-quarter production after rebounding from extreme weather-related disruptions earlier this year. The world's largest iron ore producer shipped 79.9 million metric tonnes (Mt) of the steel-making commodity from its Pilbara operations in the three months ended June 30, up from 70.7 Mt shipped in the March quarter. However, this fell just short of guidance. Outgoing boss Jakob Stausholm said: 'We delivered excellent operational performance from our mine operations. 'We will continue to drive progress towards our long-term strategy to deliver profitable growth and build a stronger, more diversified business.' Rio Tinto shares were 1.2 per cent to 4,398.5p by midmorning, having lost 13.4 per cent over the last 12 months. Adam Vettese, market analyst at eToro, said: 'Overall, the results highlight Rio's quality asset base and improving diversification but challenges in optimising system capacity and delivering higher-quality product remain areas to watch. 'Investors will be looking for continued improvement in execution heading into H2, particularly in iron ore shipments, to unlock full value from the stronger underlying production performance and hope to see this trigger a reversal in the prevailing trend direction of the shares.'
New York Times
6 hours ago
- New York Times
Looking for a Summer Ski Fix? Head to South America.
For avid skiers from the north, it can feel like cheating to get first tracks through boot-deep powder in South America while those at home are sweltering through another August. Heading to Chile and Argentina, which have the most ski areas in South America, all in the Andes, is a perfectly legit way to revisit winter. Much of the terrain lies above tree line, making the slopes resemble the Alps. The massive vertical relief between the valley bottoms and soaring peaks offers dramatic views and a landscape that seems remote and wild. Condors circling overhead only add to the feel. But it isn't all about chasing powder. 'The cultural aspect is attractive, including the food,' said David Owen, an American skier who lives in Chile and runs PowderQuest, a guided ski-trip outfitter. Après ski may involve pisco sours, Argentine and Chilean wine, and dancing until late. Here are some options, from relatively low cost to extravagantly high end, that can satisfy the yearning to ski from June to early October. Chile Steeped in tradition, this family-owned ski area, about 100 miles northeast of Santiago, has welcomed an international clientele since 1949, as Chile's oldest winter resort. Just 35 runs weave down 1,235 above-treeline acres, from beginner-friendly groomers to vertigo-inducing steeps off the Roca Jack, a surface lift that's a challenge just to ride. Want all of The Times? Subscribe.
Reuters
14 hours ago
- Business
- Reuters
Indigenous groups ask Chile court to pause community review of Codelco-SQM lithium deal
SANTIAGO, July 15 (Reuters) - Two Indigenous groups in northern Chile have asked a local court to suspend a state-led community review process that is required for a lithium partnership between copper giant Codelco and lithium miner SQM ( opens new tab, according to legal documents reviewed by Reuters. The Indigenous community of Coyo and the Atacameno Association of Irrigators and Farmers of San Pedro de Atacama each independently filed legal challenges last week with a Chilean appeals court in the Antofagasta region, accusing Chilean economic development agency Corfo of not properly carrying out a consultation process to seek their input on the partnership. The process is one of the final conditions for a deal to go into effect in which state-run Codelco will take a majority stake in SQM's lithium mining operations in the Atacama salt flat. The Coyo community and the Atacameno Association of Irrigators and Farmers, which has Indigenous members, said they needed more information and time to be able to provide informed consent on the plan. The Antofagasta court on Friday accepted their challenges, according to a court document. It ordered Corfo to respond to the allegations within 15 days, and asked Codelco and SQM to provide comments. Corfo told Reuters that the consultation process was still in progress. "The Indigenous consultation process with the Atacama Indigenous organizations is moving forward and has been carried out in accordance with the regulations," the agency said in a statement. Codelco declined to comment, while SQM did not immediately reply to a request for comment. The Indigenous consultation, which was led by Corfo and included a few dozen community groups located around the Atacama salt flat, was due to conclude around late July. SQM and Codelco are separately holding talks with communities near the salt flat to discuss a model for Indigenous oversight over lithium extraction. The Coyo community and Atacameno Association of Irrigators and Farmers both asked the court to suspend the process until a new methodology for the community review could be implemented, and more information provided. Both groups said Corfo had not provided enough detail about the proposed contract between Codelco and SQM and argued that the consultation's timeline between November 2024 and July 2025 was too fast to allow for detailed analysis. They also said Corfo at several points did not act in good faith, and did not meet the standards set out by the International Labour Organization, a U.N. agency. "This situation directly affects the fundamental rights of the Community by limiting its influence over decisions that impact its territory, environmental surroundings, and collective rights, thereby violating constitutional guarantees," the Coyo community said in its court filing.
Yahoo
15 hours ago
- Business
- Yahoo
Indigenous groups ask Chile court to pause community review of Codelco-SQM lithium deal
By Daina Beth Solomon SANTIAGO (Reuters) -Two Indigenous groups in northern Chile have asked a local court to suspend a state-led community review process that is required for a lithium partnership between copper giant Codelco and lithium miner SQM, according to legal documents reviewed by Reuters. The Indigenous community of Coyo and the Atacameno Association of Irrigators and Farmers of San Pedro de Atacama each independently filed legal challenges last week with a Chilean appeals court in the Antofagasta region, accusing Chilean economic development agency Corfo of not properly carrying out a consultation process to seek their input on the partnership. The process is one of the final conditions for a deal to go into effect in which state-run Codelco will take a majority stake in SQM's lithium mining operations in the Atacama salt flat. The Coyo community and the Atacameno Association of Irrigators and Farmers, which has Indigenous members, said they needed more information and time to be able to provide informed consent on the plan. The Antofagasta court on Friday accepted their challenges, according to a court document. It ordered Corfo to respond to the allegations within 15 days, and asked Codelco and SQM to provide comments. Corfo told Reuters that the consultation process was still in progress. "The Indigenous consultation process with the Atacama Indigenous organizations is moving forward and has been carried out in accordance with the regulations," the agency said in a statement. Codelco declined to comment, while SQM did not immediately reply to a request for comment. The Indigenous consultation, which was led by Corfo and included a few dozen community groups located around the Atacama salt flat, was due to conclude around late July. SQM and Codelco are separately holding talks with communities near the salt flat to discuss a model for Indigenous oversight over lithium extraction. The Coyo community and Atacameno Association of Irrigators and Farmers both asked the court to suspend the process until a new methodology for the community review could be implemented, and more information provided. Both groups said Corfo had not provided enough detail about the proposed contract between Codelco and SQM and argued that the consultation's timeline between November 2024 and July 2025 was too fast to allow for detailed analysis. They also said Corfo at several points did not act in good faith, and did not meet the standards set out by the International Labour Organization, a U.N. agency. "This situation directly affects the fundamental rights of the Community by limiting its influence over decisions that impact its territory, environmental surroundings, and collective rights, thereby violating constitutional guarantees," the Coyo community said in its court filing.
Yahoo
a day ago
- Sport
- Yahoo
Copa América 2025: Chile's second-half surge sinks Peru
The 2025 Copa América got underway in South America with a classic rivalry this weekend: Peru vs. Chile. But it was Chile who made the first statement. After a tight first half, Chile exploded after the break, scoring three unanswered goals to cruise past Peru for the win. Advertisement Shaky start to Copa América In the first half, it was evident which side was the better team. It was Chile, but they couldn't really capitalise on that momentum. Chile got a big chance early on in the fourth minute of the first half. Pamela Cabezas got a shot on goal, but Peru goalkeeper Maryory Sánchez saved it. Peru tried to do something back in the 20th minute with a shot from long range. Gianella Romero tried from at least 20 meters, but her shot was an easy target for the goalkeeper. And that was the only thing Peru could show in the first half. Chile ended the half with a series of half-chances from a corner and again, shots from distance. But they were only counting for the statistics, as they didn't really show any signs of danger. Advertisement Second half: Chile dominance In the second half, Peru came out with greater attacking intent, immediately showing more activity on the ball. This aggressive approach evidently opened up the game, creating space for both sides. Chile capitalised on the extra space, breaking the deadlock in the 62nd minute. They increased the tempo, and Yenny Acuña shot on goal. The effort hit the bar, but Cabezas followed up the rebound to put Chile on the scoresheet. Twenty minutes later, Chile doubled the score via Sonya Keefe, who came on in the 76th minute. A cross from the right by Michelle Olivares was headed down to Keefe, and she expertly converted on the half volley. That made it 0-2 for Chile, and three points were in the bag. Advertisement Before the final whistle sounded, Chile asserted their dominance, increasing the scoreline to 3-0. It was Mary Valencia in the 94th minute on the break, who managed to get the goal on a second try. Final thoughts Both teams had some understandable nerves going into the first game of a new tournament. While Chile was dominant in the first half, it was only when Peru started to do something with the ball that Chile could be dangerous. Three important and clinical goals on the break and on transition made sure Chile won the game. Related articles from Her Football Hub:
