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Pin to quick picksAntofagasta Share News (ANTO)

Share Price Information for Antofagasta (ANTO)

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Share Price: 2,255.00
Bid: 2,251.00
Ask: 2,253.00
Change: 25.00 (1.12%)
Spread: 2.00 (0.089%)
Open: 2,256.00
High: 2,287.00
Low: 2,240.00
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Chilean mine group warns pending glacier bill could shut down deposits

Mon, 09th Nov 2020 14:33

By Fabian Cambero

SANTIAGO, Nov 9 (Reuters) - Chile's world-leading copper
industry could see some of its mines put out of business if an
early stage bill to protect glaciers continues its march through
Congress, Chilean mining trade group Sonami said on Monday.

Diego Hernández, president of Sonami, which represents
mining firms including BHP, Anglo-American and
Antofagasta, asked lawmakers to closely review the
science on glaciers before finalizing the bill.

"We consider [the bill] contrary to the interests of our
country," Hernández said in a statement. He warned of
"increasing concern" among miners over the bill.

Chile, the world's No. 1 copper producer and the No. 2
producer of battery metal lithium, depends on mine exports for
as much as 15% of its gross domestic product. Many of its
largest mines are found high in the Andes Mountains, a range
rich in glaciers.

The bill under consideration, which has yet to emerge from
committee, prohibits mining and other activity in areas
classified as glaciers, their surroundings and permafrost.

The crux of the current debate lies in defining what kinds
of glaciers to protect, and how much of the land surrounding
them should be safeguarded to ensure their survival.

Companies and mine workers argue the current bill is too
general in the types of frozen soils it protects, putting at
risk mines they say are not causing damage to glaciers.

Environmental groups, however, say existing legislation does
not adequately safeguard Chile's glaciers, and warn of the
potential impact on the country's water supply as the impacts of
climate change become more severe.

Sonami's Hernandez said miners were particularly concerned
the retroactive nature of the current bill could threaten now
active mines and obligate Chile to compensate investors.

Continental Chile's glaciers span from its arid high Andes
Mountains in the north to the vast southern ice fields of the
southernmost stretches of Patagonia.
(Reporting by Fabian Cambero; Writing by Dave Sherwood; Editing
by Steve Orlofsky)

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