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Cobre Panama has said it is committed to growing more new forest than is impacted by its mine. "We aren't going anywhere," Sabino Ayarza, a representative of the protesting fishermen, told Reuters on Tuesday from his boat. Their grassroots movement, nearly unheard of in business-friendly Panama, has wiped C$11 billion ($7.4 billion) off First Quantum's market value and raised global copper prices on supply worries. The protesters' victory in Panama is emblematic of the outsized and sometimes unexpected influence local communities are having on mining companies worldwide. Cobre Panama accounted for about 46% of First Quantum's overall revenue in the third quarter, according to company data.

Persons: Aris Martinez, Sabino Ayarza, Ayarza, Codelco, Valentine Hilaire, Divya Rajagopal, Fabian Cambero, Christian Plumb, Denny Thomas, Nick Zieminski Organizations: REUTERS, Aris, PANAMA CITY, Minerals, Reuters, Panamanian, Tuesday, Scotiabank, Protesters, First, Thomson Locations: Panama City, Panama, PANAMA, TORONTO, Portugal, Peru, Chile, Macquarie, Mexico City, Toronto, Santiago

☆ Supervisors at Chile's Escondida mine preparing to strike, union says
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

File Photo: A view of the BHP Billiton's Escondida, the world's biggest copper mine, in northern Chile, in Antofagasta, Chile March 31, 2008. Though the sprawling Escondida mine could continue to operate even if supervisors walked off the job, a strike could lead to production bottlenecks or slowdowns. "I have no doubt that the strike will win," union head Alexis Barrera said in an interview, adding that nearly all members have already cast their votes. The union accuses BHP of looking to reduce benefits and production bonuses while extending working hours. Chile's powerful Union 1 workers' union said it would stand in solidarity with the Escondida supervisors and ensure that no "illegal replacements" came on the job in the event of a work stoppage.

Persons: Ivan Alvarado, Alexis Barrera, Barrera, Escondida, Fabian Cambero, Kylie Madry, Rami Ayyub Organizations: BHP, Escondida, REUTERS, Rights, Thomson Locations: Chile, Antofagasta

☆ Codelco ends long-term mined copper deals to China clients from 2025 -sources
▼ + stars: | 2023-09-15 | by ( Julian Luk | ) www.reuters.com time to read: +3 min

The Codelco El Teniente copper mine, the world's largest underground copper mine is shown near Rancagua, Chile August 13, 2020. Output at the world's largest copper producer has been dropping despite $15 billion invested in flagship mines including El Teniente and Chuquicamata where costs have overrun significantly, according to an influential industry body. Codelco accounts for 29% of Chile's copper production. The world's largest consumer of industrial metals bought 25.3 million tonnes of copper concentrates last year, according to International Copper Study Group. The global copper concentrate market is expected to see a steep deficit during 2025-2027 as Asian and African smelters ramp up capacity, outpacing mine supply.

Persons: Fabian Cambero, Codelco, Julian Luk, Pratima Desai, Veronica Brown, David Evans Organizations: REUTERS, Codelco, Evergreen, Copper Study, Thomson Locations: Rancagua, Chile, Chilean, Codelco, China

☆ Copper giant Codelco raises $2 billion in bond offering
▼ + stars: | 2023-09-05 | by ( Fabian Cambero | ) www.reuters.com time to read: +2 min

Codelco's logo is seen at the entrance of its Ventanas copper smelter in Ventanas, Chile October 18, 2019. REUTERS/Rodrigo Garrido/File Photo Acquire Licensing RightsSANTIAGO, Sept 5 (Reuters) - Chile's Codelco raised $2 billion in a bond offering in New York on Tuesday, as the world's top copper producer seeks to fund an investment drive to revive flagging output. "This financing seeks to ensure the availability of resources for the development of a demanding portfolio of investments that for this year will need a total of $4.1 billion," Codelco said in a statement. It said the firm would need to lift its investments to about $4 billion from $3.3 billion to boost its "structural projects." Codelco's production slipped last year to about 1.45 million metric tons, the lowest in around a quarter of a century, and output has slipped further this year with the miner expecting to produce between 1.31 million to 1.35 million metric tons of copper.

Persons: Rodrigo Garrido, Codelco, Moody's, Fabian Cambero, Kylie Madry, Steven Grattan, Emelia, Jonathan Oatis Organizations: REUTERS, Rights, Treasury, BNP, Citi, J.P, Santander, Scotiabank, Thomson Locations: Ventanas, Chile, New York, Morgan

☆ Chile's Codelco at risk of insolvency as debt grows, CESCO report says
▼ + stars: | 2023-08-17 | by ( Julian Luk | ) www.reuters.com time to read: +4 min

REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Chile's Codelco, the world's largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chile’s Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters. At the heart of Chile's mining industry, Codelco needs to revive it's copper production from a 25-year low. "Codelco has explained...it will not redirect its focus from copper production or divert resources from other areas," Codelco said in an emailed response. Codelco's production in the first half of 2023 was 633,000 metric tons of copper, the lowest in 25 years. Over the past five years, its copper production has dropped 17% and is expected to keep falling until 2025.

Persons: Ivan Alvarado, Codelco, Andre Sougarret, Sougarret, CESCO, Julian Luk, Fabian Cambero, Pratima Desai, Veronica Brown, Kirsten Donovan Organizations: REUTERS, for Copper, Mining Studies, Reuters, Codelco, Thomson Locations: Santiago, Chile

[1/4] Chile's president Gabriel Boric looks on as newly appointed Mining Minister Aurora Williams signs a document during a cabinet reshuffle at the government house, in Santiago, Chile, August 16, 2023. Boric has suffered major legislative defeats in Congress, though his lithium reform largely does not require legislative approval. UPHILL BATTLEBoric has said he will send new bills to reform Chile's tax system, but would not insist on an original reform rejected last March. In his third cabinet reshuffle, Boric also named new ministers of culture, education, national assets and social development. Jackson will be replaced by Chile's National Assets Minister Javiera Toro.

Persons: Gabriel Boric, Aurora Williams, Rights SANTIAGO, Williams, Marcela Hernando, Michelle Bachelet, Boric, Codelco, Giorgio Jackson, Jackson, Minister Javiera Toro, Nicolas Cataldo, Marco Antonio Avila, Fabian Cambero, Natalia Ramos, Sarah Morland, David Alire Garcia, Nick Macfie, David Gregorio Our Organizations: Mining, REUTERS Acquire, Rights, Chile's National, Minister, Thomson Locations: Santiago , Chile, Handout

☆ LATAM Airlines sees stronger 2023 after Q2 results boost
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

A Latam Airlines airplane is seen at Guarulhos International Airport amid the outbreak of the coronavirus disease (COVID-19), in Guarulhos, near Sao Paulo, Brazil, May 19, 2020. REUTERS/Amanda PerobelliSANTIAGO, Aug 2 (Reuters) - LATAM Airlines expects "record" net earnings in 2023 after posting stronger second-quarter results and improved forecasts, company executives said on Wednesday, hoping to bolster investor confidence after the company's exit from bankruptcy in November. "Without a doubt we are foreseeing a much better financial situation and very good profitability in 2023," he told reporters. Alfonsin added that the company was expecting to hit pre-pandemic level results for the year and record EBITDAR. LATAM Airlines, South America's largest airline, operates units across the continent, with routes across the world.

Persons: Amanda Perobelli SANTIAGO, Ramiro Alfonsin, Alfonsin, Fabian Cambero, Gabriel Araujo, Isabel Woodford, Valentine Hilaire, Gerry Doyle Organizations: Latam Airlines, Guarulhos, REUTERS, LATAM Airlines, South America's, Chilean, LAN, Brazilian, TAM, U.S . Department of Transportation, U.S, Thomson Locations: Guarulhos, Sao Paulo, Brazil, Santiago, South

☆ Chile's Codelco sees lower copper output, more stoppages in 2023
▼ + stars: | 2023-07-28 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

A virtual operations center of Chile's state-owned Codelco, the world's largest copper producer, is seen during its inauguration in Santiago, Chile, December 1, 2021. REUTERS/Fabian CamberoSANTIAGO (Reuters) -Chile’s state miner, Codelco, on Friday cut its copper output forecast for 2023 and said it expects more halts in production during the second half of the year, following months of declines. Codelco, whose production fell to its lowest level in a quarter-century last year, has faced a series of adverse weather and operational problems, including the death of a contract worker at El Teniente in June. The company has also been tasked with leading talks with private companies in Chile’s push to increase state control over the country’s vast lithium industry. 2 for lithium, key to powering the booming electric vehicle industry, though Codelco does not mine any lithium.

Persons: Fabian Cambero SANTIAGO, Codelco, Andre Sougarret Organizations: REUTERS, El Teniente Locations: Santiago , Chile, El, Chile

☆ Electrical accident at Chile's El Teniente copper mine leaves one dead
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, June 29 (Reuters) - An electrical accident at Codelco's El Teniente mine in central Chile, the company's largest copper mine, left one dead, the state-owned mining giant said in a statement on Thursday. Codelco said the accident happened at the mine's Andes Norte expansion project at about 3 p.m. (1900 GMT) when Osvaldo Bustamante Frias, a 29-year-old electrical technician, suffered an electric discharge during the installation of a generator. The company said work in the area was immediately halted and started an investigation to determine the cause of the accident. State-owned Codelco, the world's largest copper producer, said the technician was employed by German construction firm Zublin, which had been contracted to work on the Andes Norte project. Parts of El Teniente's mining operations had been halted recently due to recent torrential rainfall, but underground operations and work on the Andes Norte project continued.

Persons: SANTIAGO, Codelco, Osvaldo Bustamante Frias, Fabian Cambero, Carolina Pulice, Sarah Morland, Isabel Woodford, Sonali Paul Organizations: Thomson Locations: Teniente, Chile

☆ Analysis: Latin America, after record tightening, could lead way on rate cuts
▼ + stars: | 2023-06-26 | by ( Marion Giraldo | ) www.reuters.com time to read: +5 min

The small South American country of Uruguay has already cut rates, by 25 basis points in April. Chile's central bank kept its key interest rate on hold at 11.25% last week, but said if recent positive trends continue, it could begin cutting the rate in the short term. Forecasts are pointing to a rate cut next month, said Cesar Guzman, macroeconomic analyst at Santiago-based Grupo Securities. Even there, however, the central bank opted to hold rates steady in June as monthly inflation slowed for the first time in half a year. "Colombia and Mexico will be the last ones to cut rates, possibly in the fourth quarter."

Persons: Joan Domene, Reuters Graphics Goldman Sachs, Alberto Ramos, Cesar Guzman, Luiz Inacio Lula da Silva, Kimberley Sperrfechter, Andres Pardo, Marion Giraldo, Natalia Ramos, Fabian Cambero, Nelson Bocanegra, Anthony Esposito, Jonathan Oatis Organizations: MEXICO CITY, U.S . Federal Reserve, European Central Bank, Bank of England, America, Oxford, Reuters Graphics, Grupo Securities, Reuters, Capital Economics, XP Investments, Thomson Locations: MEXICO, Chile, Brazil, Mexico, American, Uruguay, Santiago, COLOMBIA, America, Argentina, Colombia, Bogota

☆ Chile's Codelco must kick-start lithium industry while reviving copper output
▼ + stars: | 2023-06-19 | by ( Fabian Cambero | ) www.reuters.com time to read: +4 min

At the same time, Codelco wants to boost its output of copper which has slumped to its lowest in a quarter-century. Some analysts have questioned whether the copper company with no experience as a lithium miner can tackle both challenges at once. But industry insiders told Reuters Codelco will probably focus its own resources on copper while negotiating contracts for lithium operations and letting other miners do the work. The sources said the lithium strategy was being led by executives including Jaime San Martin, manager of new business development, known by some within Codelco as "lithium man". "But I think lithium is an excellent opportunity for Codelco to help them navigate their very difficult copper situation."

Persons: Ivan Alvarado, SANTIAGO, Gabriel Boric, Codelco, Reuters Codelco, Albemarle, Jaime San Martin, Alejandro Rivera, Maximo Pacheco, Minera, SQM, Pacheco, Juan Carlos Guajardo, Plusmining, Guajardo, Andre Sougarret, Fabian Andrés Cambero, Alexander Villegas, Adam Jourdan, David Gregorio Our Organizations: REUTERS, Reuters, Tesla, BMW, Finance, Salares, Thomson Locations: Chile, Australia, Albemarle, Indonesia, Freeport, McMoRan, Chile's, Berlin, Beijing, Codelco, Santiago

☆ Chile's Boric to insist on shelved tax reform bill by end of July
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/10] Chile's President Gabriel Boric gestures on the day of his annual speech at the National Congress, in Valparaiso, Chile June 1, 2023. REUTERS/Rodrigo GarridoSANTIAGO, June 1 (Reuters) - Chilean President Gabriel Boric said on Thursday his government will insist on pushing through a tax reform bill that was shelved by Congress earlier this year. "Everyone in this room knows, that neither this government or any other, can advance responsibly in making these rights a reality without tax reform." The government has also seen key parts of its agenda, like tax reform bill shelved by Congress in March, stalled by a divided legislature. During his speech, Boric also announced that the government will send a bill to Congress this year seeking bids for large scale energy storage requiring $2 billion in investments.

Persons: Gabriel Boric, Rodrigo Garrido SANTIAGO, Boric, We've, Alexander Villegas, Fabian Cambero, Alistair Bell Organizations: National Congress, REUTERS, Thomson Locations: Valparaiso, Chile, Latin America

☆ Chile greenlights mining tax reform that boosts government take
▼ + stars: | 2023-05-17 | by ( Fabian Cambero | ) www.reuters.com time to read: +2 min

SANTIAGO (Reuters) -Lawmakers in Chile’s lower house of Congress gave final approval on Wednesday for a long-awaited mining tax reform that now requires only the signature of leftist President Gabriel Boric, who has publicly backed it, to become law. By a vote of 101 in favor to 24 against, lawmakers approved modifications to the tax and royalty bill endorsed by the Senate last week. The lopsided vote was hailed by Finance Minister Mario Marcel, who underscored that the higher government take required of mining companies would address past abuses. Under the reform, the top tax rate will reach up to nearly 47% for companies that produce over 80,000 tonnes of fine copper a year, considered high by the industry. Mining association Sonami expressed relief that the measure ended uncertainty over the type of reform lawmakers would ultimately adopt.

☆ Chile's lithium takeover plan faces technical, political challenges
▼ + stars: | 2023-04-28 | by ( Fabian Cambero | ) www.reuters.com time to read: +7 min

[1/3] A view of a brine pool of a lithium mine on the Atacama salt flat in the Atacama desert, Chile, August 16, 2018. REUTERS/Ivan Alvarado/File PhotoSANTIAGO, April 28 (Reuters) - While Chile's plan to take control of its lithium industry has caused global shockwaves, state-led production of the metal used to make electric vehicle batteries is seen by analysts as likely years away given technical and political challenges. CODELCO'S ROLEChile's state-run Codelco, the largest copper producer in the world, plays a key role in Boric's lithium plan although it has no experience in producing the white metal. The report noted that Argentina currently has more lithium projects in the pipeline than any other country in the world. Albemarle has said it needs new water sources to expand in Chile's Atacama salt flat, noting a desalination project was awaiting permits and construction.

☆ Chile, US miner Albemarle hold talks on lithium nationalization plan
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +2 min

[1/3] Lithium evaporation ponds are seen at Albemarle Lithium production facility in Silver Peak, Nevada, U.S. October 6, 2022. REUTERS/Carlos BarriaSANTIAGO, April 25 (Reuters) - Chile's state development office Corfo said on Tuesday it met with U.S.-based miner Albemarle (ALB.N) to discuss the South American country's plan to nationalize the lithium industry. Chile's leftist President Gabriel Boric last week announced that control of the country's vast lithium operations would over time be transferred from Albemarle and SQM (SQMA.SN) to a separate state-owned company. Chile has the world's largest lithium reserves. He added that Albemarle, the world's largest producer of lithium, wants to grow in Chile and in the Atacama salt flat with new technologies.

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

[1/2] A train loaded with copper cathodes travels along a rail line inside the Chuquicamata copper mine, which is owned by Chile's state-run copper producer Codelco, near Calama city, Chile, April 1, 2011. Lundin last month agreed to pay $950 million for 51% control of the mine, calling the deal "an endorsement that we believe the mining royalty and taxation discussions are trending in the right direction." In the past 18 months, mining giants have been vocal about concerns in Chile. BHP Group Ltd (BHP.AX) said it might reevaluate its investments depending on new tax plans by the government, while Freeport-McMoRan Inc (FCX.N) has said it would pause expansion plans in Chile, citing political uncertainty. Lundin remains confident in the future of the Caserones project, which began operations in 2014 and has annual output of 100,000 tonnes of copper.

☆ Chile enacts laws, allots $1.5 bln to fight crime amid police killings
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

SANTIAGO, April 6 (Reuters) - Chile on Thursday signed new laws and allocated $1.5 billion to fight crime amid skyrocketing perceptions of insecurity and a day after the third police officer in less than a month was killed on duty. Boric announced $1.5 billion in added security spending and signed off on four new laws that the government says will help fight organized crime, drug trafficking and crime. Chile's police force has faced human rights abuse accusations following a heavy-handed crackdown of the violent 2019 protests against inequality. Polls show voters largely disapprove of the government's handling of crime and Boric has since hardened his stance. Palma is the third police officer to be killed on duty in less than a month, sparking public backlash.

☆ Chile detects first case of bird flu in a human
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, March 29 (Reuters) - Chile detected the first case of bird flue in a human, the country's health ministry reported on Wednesday. The case was detected in a 53-year-old man who presented severe influenza symptoms, according to a statement issued by the ministry, but they noted the patient was in stable condition. Chile has reported cases of the H5N1 bird flu since late last year in wild animals. Earlier this year, Ecuador confirmed its first case of human transmission of bid flu in a 9-year-old girl. Global health officials have said risk of transmission between humans is low, but vaccine makers have been preparing bird flu shots for humans "just in case."

☆ Colombian president suspends ceasefire with criminal group
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, March 19 (Reuters) - Colombian President Gustavo Petro on Sunday said he had suspended a ceasefire with the Clan del Golfo, the country's largest criminal organization, because it had attacked police. "I have ordered the armed forces to reactivate all military operations against the Clan del Golfo," Petro said in a tweet. Minutes later, Petro tweeted: "The rifle attack on the police force by the Clan del Golfo breaks the ceasefire.... Days earlier, in a radio interview on March 13, Petro accused the group of destroying a municipal aqueduct in Antioquia province amid roadblocks connected to protests by informal gold miners. Petro said the group had "broken the ceasefire" and there was no possibility of negotiations with the group if they continue attacks.

☆ Ecuador, Peru authorities assess damage after earthquake that killed at least 15
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/6] A woman sitting on a hammock holds her baby next to the destroyed wall of her house following an earthquake in Isla Puna, Ecuador March 18, 2023. REUTERS/Maria Fernanda Landin/File PhotoMarch 19 (Reuters) - Ecuadorian and Peruvian authorities worked on Sunday to assess the damage caused by the previous day's strong earthquake that shook the region, leaving at least 15 dead and hundreds injured. State-run oil company Petroecuador reported that an offshore platform near the epicenter suffered damage that caused machinery to fail, temporarily reducing production. Peruvian authorities reported one death, four collapsed homes and five more left uninhabitable, while essential services and transportation infrastructure were undamaged. During his Sunday message, Pope Francis sent his condolences for the losses and "all those who suffer" due to the earthquake.

☆ 'The grass does not grow': In Chile's far south, the worst drought in 50 years
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/5] A view of parched earth as a wetland is drying up, in Punta Arenas, Chile February 2, 2023. In the far south city of Punta Arenas, that has led to a water emergency declared last year. "In 2022 Punta Arenas had its driest year in 52 years," said Nicolas Butorovic, a climatologist from the regional University of Magallanes. "The wind picks up and dries everything and the grass does not grow, that is the drama we're facing," said Hector Garay, a livestock farmer in the region. "If there is no irrigation water, water from rain, the grass does not grow.

The analysis of power usage data by Reuters at some of the key mines in Peru, the world's no. The South American nation has been gripped by anti-government protests since the Dec. 7 ouster of leftist President Pedro Castillo. The power data from COES, which represents firms in Peru's energy sector, shows that nearly all major mines are drawing normal or near-normal levels of electricity. A combined index of six key mines is near normal. The other firms did not immediately respond to requests for comment about activity at their mines in Peru.

☆ Chile battles deadliest wildfires on record as heatwave grips
▼ + stars: | 2023-02-06 | by ( Fabian Cambero | ) www.reuters.com time to read: +2 min

[1/5] Trees can be seen after a wildfire burned areas in Santa Juana, near Concepcion, Chile, February 5, 2023. REUTERS/Juan GonzalezSANTIAGO, Feb 6 (Reuters) - Chilean firefighters were battling to hold back forest fires on Monday as authorities said hot and dry weather would continue this week, potentially exacerbating what are already the deadliest blazes in the country's recent history. The state National Forestry Corporation reported that as of Monday morning there were 275 active fires, of which 69 were currently in combat. The heat wave and strong winds have caused a rapid spread of the flames during the Southern Hemisphere summer season. Reuters GraphicsReporting by Fabian Andres Cambero; Editing by Caitlin WebberOur Standards: The Thomson Reuters Trust Principles.

☆ At least 24 dead in Chile as wildfires expand; foreign help on the way
▼ + stars: | 2023-02-05 | by ( Fabian Cambero | ) www.reuters.com time to read: +2 min

International help was set to arrive on Sunday from a handful of countries that have pledged resources, including planes and expert firefighting teams, as the most intense wildfires torched forests and farmland clustered around three regions near the middle of the South American country's long Pacific coastline. The government of President Gabriel Boric has issued emergency declarations for the largely rural southern regions of Biobio, Nuble and Araucania in an effort to speed relief. The fires have consumed some 270,000 hectares, officials said on Sunday, or an area roughly the size of the U.S. state of Rhode Island. Some 260 fires are active across the parched region, interior ministry officials said on Sunday, with 28 of them considered especially dangerous. Chilean officials have sought international assistance to battle the fires, with new ones sparking to life each day.

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