Tuesday, December 21, 2010 3:49:53 PM
Force majeure declared at world’s third largest copper mine
http://www.marketwatch.com/story/chile-halts-copper-shipments-from-collahuasi-mine-2010-12-21
By Jim Jelter, MarketWatch
SAN FRANCISCO (MarketWatch) — Chile’s giant Collahuasi copper mine, the world’s third largest, has halted shipments indefinitely following an accident at the mine’s ore shipping terminal.
News that the mine had declared force majeure Monday raced through the global metals market Tuesday, sending March copper futures to a record close of $4.28 a pound on the Comex division of the New York Mercantile Exchange, a 1.7% advance from Monday’s settlement.
Force majeure is invoked when a company cannot meet its contractual obligations due to circumstances beyond its control, in this case its ability to ship copper ore concentrate.
Mine officials said the mishap had not affected Collahuasi’s actual mining operations, but that they are scrambling to find some other way to ship stockpiled copper concentrate from the facility after a shiploader at the Punta Patache port collapsed, reportedly killing three workers. They said they did not know how long shipments would be suspended. Separately, a port official told Reuters it could take at least a month to repair the damaged loading station.
Collahuasi mine is owned by Anglo American PLC /quotes/comstock/23s!e:aal (UK:AAL 3,260, +118.00, +3.76%) and Xstrata PLC /quotes/comstock/23s!a:xta (UK:XTA 1,504, +48.50, +3.33%) .
It was not clear how long it would take to resume copper concentrate shipments from the facility.
Endexx Corporation (EDXC) Leverages Global Market Trends and Legislative Reforms to Spearhead Growth in the Cannabis and Plant-Based Wellness Sectors • EDXC • Mar 27, 2024 3:01 PM
Applied UV, Inc. Announces Pricing of $2.76 Million Registered Direct and Private Placement Priced at the Market Under Nasdaq Rules • AUVI • Mar 27, 2024 2:51 PM
POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • POET • Mar 27, 2024 10:52 AM
Maybacks Global Entertainment Opens 23 More Stations in Important Major Cities • AHRO • Mar 27, 2024 9:00 AM
NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024 • NXGB • Mar 27, 2024 7:30 AM
Kona Gold Beverages, Inc. Strategic Advancements: Covert LLC Introduces Federally Legal D9 Gummies and Revamps Innovative eCommerce Platform, Propelling Toward $12 Million Annual Revenue Goal • KGKG • Mar 26, 2024 8:30 AM