Colombia always had the potential to become a major mining jurisdiction but the mining sector is now completely frozen. There is a high level of uncertainty due to the governments push to reform the mining code, create a state mining company, and new a environmental decree.
Less than one per cent of exploration projects typically progress to establishing a mine. New discoveries are hard to come by and technology will play a huge part in finding new deposits. In order to be successful, the industry continues to innovate, creating new tools, approaches and techniques.
The growth in the mining sector has attracted foreign mining suppliers who are looking to tap into a healthy project pipeline that is set to come online over the next 10 years. One of the considerations that foreign companies need to understand when doing business in Peru is is how employee profit sharing works.
Gold Fields announced in January 2021 that it had formally began construction of the mining infrastructure at the $860m Salares Norte project in the Atacama Region in northern Chile. The project unique circumstances means it will need to deploy high levels of technology making it one of most digitalized mines in Latin America.
In part two of our summary, we will focus on the FutureSmartMining program that Anglo has been working on since 2017. The idea of the FutureSmartMining program is to reduce the environmental footprint from new ways of mining, by using precision mining technologies and data analytics.
For companies that originate from common law countries, you may not find some of the clauses you would typically be concerned such as Liquidated Damages and Consequential Losses. We provide a practical guide to contracts in Chile.
We have created a comprehensive summary of Anglo recent technology update for our clients and readers. If you read between the lines, you start to get a clear picture where the industry is going.
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