Strong Aftershock In Northern Chile, BHP Says Mines Unaffected
05 Marzo 2010 - 3:02AM
Dow Jones News
An aftershock measuring 6.3 on the Richter scale close to
Antofagasta in northern Chile Friday prompted concerns for further
mine disruptions following last weekend's massive earthquake but
BHP Billiton Ltd. (BHP) said its operations were unaffected.
London Metal Exchange copper prices rose on the open of
electronic trading in Asia, rising to $7,455 a metric ton, up
$57.50 on the previous afternoon kerb, reversing some of copper's
overnight losses.
BHP's Spence and Escondida mines, located 100 and 300 kilometers
away from the epicenter, respectively, are operating normally and
there isn't any disruption to the power grid, a BHP spokeswoman
said.
Escondida is the world's largest copper mine with output of
about 1.2 million tons a year.
Traders noted buying interest in copper miners with operations
outside of Chile on the Australian share market, including OZ
Minerals Ltd. and Equinox Minerals Ltd., on the back of the quake
news.
The 8.8 earthquake on Saturday affected central and southern
Chile, while most large mines are located in the country's north.
Some copper mines closer to the epicenter closed temporarily, but
escaped significant damage, and all operations have reopened.
Repairs to power lines and roads are set to impact smooth
operations for some time, however, while the market remains on
watch for potentially damaging aftershocks.
-By Elisabeth Behrmann, Dow Jones Newswires; 61-2-8272-4689
elisabeth.behrmann@dowjones.com
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