Latest news with #ElTeniente
Yahoo
a day ago
- Business
- Yahoo
Chile's Codelco replaces El Teniente manager after deadly accident
SANTIAGO (Reuters) -Chilean state copper miner Codelco said on Monday that the general manager of its El Teniente mine, where a recent collapse killed six workers, will leave his position as part of a "mutual agreement." The mine's current operations manager, Claudio Sougarret, will take over from Andres Music beginning on Tuesday on an interim basis as the mine restarts production, Codelco said.
Bloomberg
2 days ago
- Business
- Bloomberg
Mine Collapse Weighs on Codelco Debt Even as Output Resumes
Codelco 's El Teniente copper mine partially resumed production over the weekend, but the fatal accident that closed it for a week is likely to weigh on the Chilean company's bonds for far longer. The July 31 tunnel collapse that killed six workers hit a new section of the mine, snarling plans to revive production at the 120-year-old operation. And while older parts of El Teniente are now operating again, the newer sections may be out of action for an extended period.
Zawya
2 days ago
- Business
- Zawya
Copper prices steady as supply concerns ease
Copper prices were steady on Monday as Chile allowed mining to resume at Codelco's El Teniente mine and the market awaited more clues on the path of interest rates. Benchmark three-month LME copper on the London Metal Exchange was down 0.1% at $9,756 a metric ton by 0934 GMT. The contract rose 1.4% last week. Easing concerns on the supply side, Codelco said on Saturday that Chile's state regulators had approved the reopening of those parts of the El Teniente mine not affected by the July 31 collapse that killed six workers. On the consumption front, Chinese producer prices fell more than expected in July while consumer prices were unchanged, highlighting sluggish domestic demand. There are hopes that demand from China, the world's top metals consumer, would improve in September, usually a peak season, and that Beijing and Washington would again extend their deadline to reach a trade deal. The metals market was broadly quiet, waiting for a U.S. inflation report this week that could help to determine whether the Federal Reserve lowers borrowing costs next month, one trader said. Lower interest rates improve prospects for economic growth-dependent industrial metals. On the technical front, copper was supported by the 21 and 50-day moving averages around $9,735 to $9,740. Among other LME metals, zinc was steady at $2,825 a ton. However, the discount of the cash contract against three-month zinc narrowed to 20 cents from $13 on August 15, with available stocks in LME-registered warehouses at a two-year low. Aluminium lost 0.5% to $2,596.50 a ton, lead eased by 0.3% to $2,001.50, tin was unchanged at $33,450 and nickel was up 0.7% at $15,260.
Yahoo
2 days ago
- Yahoo
Chile's Codelco authorised to partially restart El Teniente mine operations
Chile's Labor Directorate has sanctioned the partial and gradual resumption of underground activities at the El Teniente mine, operated by Codelco. This decision comes after an earthquake-triggered collapse that claimed six lives. Operations at El Teniente, recognised as one of the world's largest underground copper mines, were halted in specific sectors due to the incident. The approved restart includes the Dacita, Diablo Regimiento, Esmeralda, Esmeralda Panel, Pilar Norte, Reno Panel, Reservas Norte and Upper Pacific, while the shutdown persists in Recursos Norte, Andesita, Andes Norte and Diamante. The return to operations is being managed through a plan that mandates reflection sessions at the start of each shift to brief workers on the return strategy, support measures, safety protocols and supervisory authority actions. It also emphasises two-way communication within the mine and enhanced presence control using Tracking & Asset Management and Tipping Point Management systems. Additional measures include personal protective equipment checks, habitability condition reviews, continuous updates on seismic activity, information dissemination to unions and coordination with partner companies to ensure comprehensive worker awareness. The reactivation commenced with Shift C, involving 710 personnel, 131 of whom entered the mine, followed by Shift A, which included 1,770 workers tasked with reactivation duties. During this initial phase, ore shipments to the processing plant were roughly 50% below normal levels, while operations at the plant and smelter were fully reinstated. Inspection efforts have also been stepped up, with two inspectors from the Chilean government agency Sernageomin arriving on Sunday to conduct evaluations in the Andes Norte sector. Codelco reported that it has efficiently responded to 21 inquiries from various regulatory and investigative bodies including the the Attorney General's Office, the Chamber of Deputies, the Labor Directorate, the PDI, the Regional Ministry of Health and Sernageomin. Meanwhile, Codelco's Internal Investigative Commission is continuing to meet to determine the precise causes of the accident. "Chile's Codelco authorised to partially restart El Teniente mine operations" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Chile's Codelco gets approval from labor inspector to restart El Teniente operations
SANTIAGO (Reuters) - Copper miner Codelco received authorization from Chile's labor inspector office to begin resuming certain operations at its flagship El Teniente copper mine, it said on Saturday, after more than a week of suspended operations following a deadly collapse that killed six workers. In a statement, Codelco said operations can resume in areas not affected by the July 31 collapse, including Pilar Norte, Panel Esmeralda, Pacifico Superior, Diablo Regimiento, and others, while sections such as Recursos Norte and Andesita remain suspended, pending further inspections. The decision allows Codelco, the world's largest copper producer, to partially restart activities at one of its key divisions, potentially easing operational disruptions. Chile's mining regulator had given the green light for a partial restart on Friday evening, but the company needed the labor inspection office to sign off on the plan before resuming mining activity at a time when the miner grapples with production challenges. The El Teniente division is expected to announce its detailed plan for restarting operations along with safety measures to ensure compliance with labor authority requirements. Inspections in suspended areas will continue before a full restart can be authorized. El Teniente, which is more than a century old, spans more than 4,500 km (2,800 miles) of tunnels and underground galleries deep within the Andes mountains.
