GREY:FNKLF - Post by User
Post by
arthur7440on Feb 15, 2011 9:23am
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Post# 18134652
Interesting
InterestingUPDATE 1-Quadra FNX to take over operations at Franke mine
09:11 EST Tuesday, February 15, 2011
* Says move will not impact output from the copper mine
* Franke to produce 35 mln to 45 mln lbs of copper in 2011
TORONTO, Feb 15 (Reuters) - Quadra FNX Mining will take over mining operations at its Franke mine in Chile, the company said on Tuesday, as its mining contractor at the copper mine has been forced to shutdown due to financial woes.
The Canadian copper miner is completing the terms of the takeover of the existing mining fleet from its local contractor Marineer.
Quadra FNX has about two months of ore feed stockpiled at the Franke site and it does not expect the transition to have any material impact on production.
The Vancouver-based miner said the transition is expected to result in improved operating efficiencies and this, in turn, is expected to lower costs at the mine.
The Franke mine is expected to produce between 35 million and 45 million pounds of copper in 2011.
Quadra FNX said that talks with the newly formed Union at Franke continue. A final offer has been presented to the union and a vote is expected next week. (Reporting by Euan Rocha; Editing by Derek Caney)