AXcess News: Chile Sees Surge in Copper, Gold Mining Projects
27 5월 2008 - 10:00PM
Marketwired
NEW YORK, NY President, Carl Hansen, who says, "Chile is the
mining country of South America, not unlike how Canada is viewed."
Andina is one of many Canadian junior mining companies exploring
Chile's vast mineral deposits in a country that's open to outside
investments with no less restriction than in Canada, Hansen
explained.
Last week, another Canadian mining company, Dorex Minerals Inc.
(TSX-V: DOX), announced that it completed Phase I drilling at its
Carmelita property located within the IOCG belt of the Atacama
Desert, Chile. Dorex is betting that its Carmelita property will
show significant IOCG discoveries of copper-gold deposits
associated with structures along the Atacama Fault Zone, whose main
trend passes 5km west Dorex's property. But technology also played
a role, Dorex notes.
A magnetic survey indicated the property worth exploring
further. After Dorex sampled the Carmelita property in 2006 it
optioned it for purchase in March 2007 and readied for Phase I
drilling this year. Now the company awaits those results.
According to the U.S. Geological Survey Yearbook, 2002, Chile
had already grown into the world's largest copper producer and
exported $7.6 billion in copper alone, accounting for 34.2% of all
exports during a year of historically low copper prices. The Survey
noted that the ore of the Atacama Desert is of high-quality and low
cost to mine in part due to the dry aired conditions found
there.
But dry conditions aren't the only thing attracting mining
companies to Chile. Bloomberg reports that Sumitomo Metal Mining
Co., Japan's largest nickel smelter, is increasing efforts to
develop copper and nickel mines overseas because of rising ore
costs.
The company needed to build more smelters in mining nations to
lower the risk that governments may curb ore exports, Sumitomo
noted.
With Sumitomo looking to invest $1.36 billion (US) over the next
three years in foreign mining and smelter developments, ICOG
prospects in Chile will find a willing buyer in Japan's largest
smelter.
The Bloomberg story quoted Daiwa Institute of Research analyst
Takashi Murata who said, "Given tighter mine supplies and lower
grades of copper ore, smelters are concerned about the risk that
they may not be able to secure enough supplies and that processing
fees may decline." Sumitomo noted that it had to raise the amount
of copper ore it smelts from its own source supplies from 40%
currently to over 67%.
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