...and in possibly further bad news!
"A transformation is underway at the Escondida copper mine in Chile, says operator BHP Billiton Ltd. (BHP.AU). A strategy to process ore using three concentrators at the Escondida copper mine in Chile will "release latent capacity at very low capital intensity," and offset declining grades, BHP says in presentation slides. It expects to approve a roughly US$200 million investment for that project in 2H16. The miner says it's meanwhile moving more material at a lower cost. People productivity has improved by 48%, aided by a 17% headcount reduction since FY14, says BHP. "The world's largest copper mine is becoming the world's best copper mine," BHP says in the slides, released during an analyst tour of its copper operations." ([email protected]; @RhiannonHoyle)
AVB Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held