Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Investing

Codelco Seeks Partial Restart at El Teniente Mine After Fatal Collapse

by admin August 8, 2025
August 8, 2025
Codelco Seeks Partial Restart at El Teniente Mine After Fatal Collapse

Chile’s state-owned copper giant Codelco is seeking approval to restart parts of its flagship El Teniente mine less than a week after a deadly collapse killed six workers and forced a full suspension of operations, according to sources familiar with the matter.

The accident, triggered by a 4.2-magnitude seismic event last Thursday (July 31), halted production at the world’s largest underground copper mine.

Codelco has formally requested Chile’s National Geology and Mining Service (Sernageomin) to allow a partial reopening of the mine, pending approval of safety and technical evaluations, two sources told Reuters.

The cave-in, which was triggered by the earthquake, occurred more than 900 meters underground and initially trapped five miners.

Their bodies were recovered over several days by a rescue team of more than 100 people, including veterans of Chile’s 2010 San José mine rescue. The body of a sixth miner, who was killed at the time of the collapse, was recovered earlier.

“We deeply regret this outcome,” said O’Higgins Region Prosecutor Aquiles Cubillo on Sunday, confirming the final recovery. He offered no additional details on the cause of the collapse, which remains under investigation.

Operations at El Teniente were formally suspended by Sernageomin, Chile’s geology and mining agency, shortly after the incident.

It also instructed Codelco to submit four comprehensive technical reports before any restart can be authorized. The reports must include: an analysis of the collapse’s cause, a recovery plan, an assessment of current fortification systems, and a wider structural evaluation.

While underground mining has stopped, Codelco has maintained limited activity at El Teniente. The company is conducting ongoing maintenance at the processing plant and smelter, including operations at the smelter’s anode furnaces every two hours to keep critical equipment in operable condition.

Codelco said it had responded to three separate information requests from Sernageomin and Chile’s Labor Inspectorate, but added that it could not yet estimate the financial or operational impact of the suspension.

Scrutiny on safety standards

Mining Minister Aurora Williams ordered the temporary cessation of activities at the mine over the weekend. Meanwhile, Energy and Mining Minister Diego Pacheco said on Sunday that Codelco would commission an international audit to understand what went wrong.

“We’re going to commission an international audit to determine what we did wrong,” Pacheco said. While no formal complaints had been received about the safety conditions of the site, he pledged that a full investigation and appropriate corrective measures are underway.

El Teniente, located about 100 kilometers south of Santiago in the Andes mountains, is a cornerstone of Codelco’s operations and Chile’s mining economy.

It produced 356,000 metric tons of copper in 2024, nearly 7 percent of the country’s total output. The mine has operated for over a century and contains a labyrinth of more than 4,500 kilometers (2,800 miles) of tunnels.

The seismic event that triggered the collapse, while relatively mild by global standards. has raised questions about the structural integrity of older sections of the mine and the adequacy of current fortification systems.

A blow to expansion efforts

The accident is a significant setback for Codelco as it seeks to modernize its aging infrastructure and boost production after years of underinvestment.

The collapsed area is believed to be part of the Andesita section of the mine, a relatively small but strategically important component of El Teniente’s broader expansion, which includes the Andes Norte and Diamante projects.

The Andesita development is intended to help offset declines in older zones and maintain output levels through the next decade. Its disruption will likely ripple through Codelco’s project pipeline, which is already under pressure due to rising costs.

Though Chile boasts one of the world’s safest mining sectors – a fatality rate of just 0.02 percent in 2024 – the string of incidents at Codelco sites has drawn concern from unions and regulators alike.

The industry’s worst accident remains the 1945 fire at El Teniente, which killed 355 miners and stands as one of the deadliest mining disasters in history.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Helium Stocks: 5 Biggest Canadian Companies in 2025
next post
NorthStar Gaming to Host Q2 2025 Earnings Webinar on August 14th

Related Posts

FY24 Appendix 4E

February 28, 2025

Zijin Mining to Acquire Major Kazakh Gold Mine...

July 1, 2025

Crypto Market Recap: ARK Invest Calls for Bitcoin...

April 27, 2025

Finlay Minerals Enters into Earn-In Agreements with Freeport...

April 22, 2025

5 Small-cap Biotech ETFs to Watch

May 21, 2025

Brunswick Exploration Announces 2025 Exploration Plans for Greenland...

February 24, 2025

Preparations for Maiden Drill Program at Oasis

June 25, 2025

Concentrate Offtake Agreements Signed for Nueva Sabana Copper-Gold...

May 27, 2025

Top 5 Canadian Mining Stocks This Week: GPM...

March 1, 2025

SAGA Metals Appoints Vernon Shein, Former Exploration Manager...

May 15, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • The Real Drivers of This Market: AI, Semis & Robotics

      August 8, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 8, 2025
    • NorthStar Gaming to Host Q2 2025 Earnings Webinar on August 14th

      August 8, 2025
    • Sranan Gold Trenching Encounters 36.7 Grams/Tonne Gold over 5 Metres, 150 Metres South of Randy’s Pit at the Tapanahony Project in Suriname

      August 8, 2025
    • Codelco Seeks Partial Restart at El Teniente Mine After Fatal Collapse

      August 8, 2025
    • Pinnacle Closes Oversubscribed Non-Brokered Private Placement

      August 8, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 crazyflux.com | All Rights Reserved