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Los Pelambres suspension should 'not lead to the termination of contracts'

Kitco News

Antofagasta Minerals has decided to temporarily suspend contracts with companies contracted to build the $1.3 billion INCO project of Minera Los Pelambres, said the copper giant in a news release today.

The company said it is acting to prevent the spread of COVID-19.

Antofagasta said the suspension has a maximum duration of up to 120 days, and it should not "..lead to the termination of contracts."

"We want to maintain a contractual relationship with most of the contractor companies with which we are working today, but we must accept that, given the current conditions, many cannot do the work for which they are contracted," said Francisco Walther, Vice President of Projects at Antofagasta Minerals, in a statement.

The first phase of the expansion is expected to cost $1.3 billion and increase the current ore processing capacity from 175,000tpd to 190,000tpd, according to Mining Technology.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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