“Codelco shuts Chuquicamata smelter and refinery” – 26 June 2020

…Chile’s Codelco, the world’s No. 1 copper producer, has closed its Chuquicamata smelter and refinery to prevent a further spread of covid-19 among its staff, following the death of a third worker this. The move makes of Chuquicamata the first major copper asset to close due to the sharp spike of coronavirus cases in Chile in the last two weeks. The news came on the heels of the country’s environmental regulator filing pollution charges against the miner over a 2016 tailings spill… Codelco said the measure was “transitory” in nature and would be “gradually” implemented. The company estimates around 400 people will stop working at the smelter and refinery. Nicolás Rivera, General Manager of the division, said that halting processing operations at Chuquicamata would allow the company to focus on the more critical productive areas. Copper output levels have held up so far in Chile, but the more than 1,000 covid-19 cases in the country’s mining industry indicate that risks of further restrictions are very likely, said Colin Hamilton, analyst at BMO Capital Markets, in a note to investors. “The suspension comes as a blow to the company after having avoided suspending production altogether at any of its major operations so far this year,” Hamilton said Friday… Despite the pandemic, Codelco has plowed ahead with an ambitious 10-year, $40 billion mines overhaul to keep up production rates… Codelco operates seven mines and four smelters, all in Chile. Its assets account for 10% of the world’s known proven and probable reserves and about 11% of the global annual copper output, with 1.8 million tonnes of production…