Xstrata is hit by worries at Chilean mine
Thursday 18 October 2012
Problems at its huge copper mine in Chile have provided a fresh headache for the mining giant Xstrata, which is in the throes of a $32bn (£20bn) takeover by the commodities trading giant Glencore.
Xstrata, which squeezed a higher offer from Ivan Glasenberg's Glencore last month, is attempting to turn around production at the Collahuasi mine, controlled with Anglo American.
The mine has been blighted by a combination of work stoppages, heavy rains and fatal accidents, prompting Anglo and Xstrata to put a recovery plan in place and appoint new bosses.
Collahuasi, which accounted for just over a fifth of Xstrata's copper production last year, saw output fall 44 per cent on last year in the three months to September.
The owners of Collahuasi are weighing up whether to go ahead with expansion plans which could more than double annual output. Xstrata's overall production of the red metal dropped to 187,800 tonnes in the quarter, ahead of the previous three months but 16 per cent below a year earlier.
Rival BHP Billiton increased iron ore production in the third quarter.
Apple agrees deal with Visa on contactless payments
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...
£650 per day: Harrington Starr: .NET Developer C#, Win Forms, WPF, WCF, MVVM,...