Antofagasta Minerals announced that its Los Pelambres copper operation in Chile will remain on care and maintenance until further notice.
Antofagasta Minerals, a division of Antofagasta (LSE:ANTO,OTC Pink:ANFGF), announced that its Los Pelambres copper operation in Chile will remain on care and maintenance until further notice.
As quoted in the press release:
- This action, which will be periodically reviewed based on the evolution of the emergency, will in principle apply for an estimated maximum period of 120 days and, in most cases, does not imply the contract will be terminated. “This is a temporary suspension that has been taken as it is not possible to continue with the construction of the project as originally planned and is only for the duration of the emergency, as we hope to resume work as soon as possible,” explained Francisco Walther, Vice President of Projects at Antofagasta Minerals.
- In the next few days, the terms of this decision will be reviewed with each of the contracting companies, with the central aim to maintain a minimum monthly salary for each workers’ of at least Ch$500,0001 , in addition to what the worker is entitled to in accordance with the law. “We all must make an effort so that the cost of this crisis affects the project’s workers as little as possible,” said Walther.