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.
- 1 Game of Thrones season 6: Jon Snow theorists believe Ned Stark's son may have a twin sister
- 2 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 iPhone 6s camera: features to include 4K video camera and flash for selfies
- 5 A pint of water every day is the key to losing weight, scientists say
Miley Cyrus address Robin Thicke VMA controversy: ‘He wanted me as naked as possible, but I got the heat because I’m a woman’
Most expensive city to live in for expatriates: Luanda, Angola takes number one spot with Hong Kong and Zurich in top three
If Surrey were Syria: Social experiment shows what it's like to live under siege
Irish tourist filmed fighting with shopkeepers in Turkey says they 'messed with the wrong man'
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal get peerages
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...