Anglo American Resumes Copper Production In Chile
LONDON (AP) ¿ Mining company Anglo American PLC said it planned to resume full production of its Chagres copper smelter in Chile on Wednesday, but damage from the recent earthquake would keep a plant near the city of Concepcion offline indefinitely.
London-based Anglo-American said that lost copper production because of Saturday's earthquake would be less than 1,500 tons.
The company's operations at Los Bronces, El Soldado and Mantoverde were also briefly interrupted in the wake of the disaster, resuming production on Sunday.
Anglo-American said minor damage was reported at most of Anglo-Americans core operations.However, it said a Scaw Metals plant near Concepcion had experienced "considerable damage ... preventing the resumption of operations until further notice." Scaw's site near Santiago has been less impacted, while a third site near Antofagasta is unaffected. Both those sites will reopen once safety inspections and remedial work is carried out, it said. Production will be increased at other Scaw facilities globally to compensate, it said. Anglo-American has been looking to sell the Scaw Metal's Group as part of its divestment program. CEO Cynthia Carroll said the company was working with the government to support communities affected by the 8.8-magnitude earthquake that killed nearly 800 people. "We are committed to the reconstruction of areas impacted by this tragedy by ensuring that we can partner with in government in providing relief," she said in a statement.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV