Chile Collahuasi Copper Mine Lifts Force Majeure On Shipments

Chilean copper mine Dona Ines de Collahuasi lifted the force majeure contract suspension it had on its copper concentrate shipments, the company said Friday.

Collahuasi declared the force majeure clause, which allows a company to suspend its commitments due to an event beyond its control, on Dec. 20, following a fatal accident at its Patache port.

Despite the contract suspension, Collahuasi has been shipping out some of its copper concentrates out of the Arica, Antofagasta and Iquique ports, company spokeswoman Bernardita Fernandez said in brief statement.

The Patache accident killed three workers and structurally damaged the port's shiploader. It came on the heels of a 33-day labor strike at the mine last year.

Global diversified miners Xstrata PLC (XTA.LN) and Anglo American PLC (AAUKY, AAL.LN) each hold a 44% stake in the mine, while a consortium led by Mitsui & Co. (MITSY, 8031.TO) holds the remaining 12%.

With an annual output of around 550,000 tons of copper, the mine is one of the world's largest copper mines. It is located 185 kilometers southeast of the port of Iquique, high in the Andes Mountains at 4,400 meters above sea level.

Chile is the world's leading copper producer, accounting for a third of global supply.

-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919; carolina.pica@dowjones.com

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