South32 eyes Caserones copper mine

|About: South32 Limited (SOUHY)|By:, SA News Editor

South32 (OTCPK:SOUHY -1.5%) is reportedly interested in adding Chile’s Caserones copper mine to its portfolio, amid a looming supply crunch of the industrial metal.

The mine’s majority owner, Japan’s mining and energy conglomerate JXTG Holdings possibly begun exploring the asset sale in April, due to rising copper prices, as well as the project’s mounting challenges including rising labor costs and bad weather; the project’s cost is now estimated at ~$4.2B, more than double the original $2B planned

Additionally, operator Minera Lumina Copper Chile is currently facing fines of up to $54.8M related to its mining permit.

Subscribe for full text news in your inbox