Death toll rises at collapsed Chilean copper mine
Chile's state-owned mining company Codelco confirmed on Saturday that human remains had been recovered at the El Teniente copper mine near Rancagua, raising the death toll from the partial collapse to two people. The mine, located roughly 100 km south of Santiago, collapsed after a seismic event on Thursday that registered a magnitude of 4.2. Five workers remain trapped at a depth of more than 900 metres, with more than 100 personnel involved in the search effort. El Teniente general manager Andres Music said the discovery showed rescuers were "in the right place" and that the search would continue. Codelco president Maximo Pacheco pledged to do "everything that is humanly possible" to bring the five trapped workers to safety.
El Teniente operations suspended during investigation
Chile's Minister of Mining Aurora Williams ordered the temporary cessation of activity at El Teniente, the world's largest underground copper mine, which began operating in the early 1900s and spans more than 4,500 km of underground tunnels. Last year the mine produced 356,000 tonnes of copper, nearly seven percent of Chile's national total. Authorities have not yet determined whether the tremor was natural or triggered by drilling, and Music described it as "one of the biggest events, if not the biggest, that the El Teniente deposit has experienced in decades." The rescue team includes veterans of the 2010 Atacama Desert operation that freed 33 trapped miners after more than two months underground.
Freeport-McMoRan reports earnings beat on copper prices
Freeport-McMoRan reported quarterly adjusted earnings of $0.74 per share, beating analyst expectations of $0.59. Net income reached $984 million, or $0.68 per share, up from $0.53 a year earlier. The average price of copper rose 41.5 percent year-over-year, driven by supply concerns and strong demand from China. Despite the financial outperformance, Freeport actually mined 18.2 percent less copper during the quarter, with the shortfall traced to its Grasberg mine in Indonesia, the world's second-largest copper operation.
Grasberg recovery continues as copper tariff speculation builds
Freeport disclosed roughly $363 million in repair costs for Grasberg during the quarter, with CEO Kathleen Quirk saying the mine's recovery remains "on track" for a full reopening by year-end. Grasberg has been working to recover from a deadly mud flow disaster last September that killed seven workers and forced a multi-week shutdown. Separately, Freeport's results came amid market expectations that the Trump administration could announce a tariff on copper imports, a move that could further bolster the company's margins, although no decision has been confirmed. Freeport's shares fell about 2.3 percent in the session following the earnings release, broadly tracking the broader market.
Philippine indigenous groups denounce new mining project
In the Philippines, indigenous peoples and environmental advocates gathered in Manila to protest mining exploration by North Luzon Mineral Resource Corporation (NLMRC) in Kasibu, Nueva Vizcaya. The Mines and Geosciences Bureau approved NLMRC's Mineral Production Sharing Agreement in June 2025, granting the firm a 25-year right to explore and extract minerals on the contract area. Community representatives said they first learned of the new exploration through an Indigenous Peoples Mandatory Representative in October 2025 and accused authorities of issuing permits before holding prior consultations. The protest comes as FCF Minerals Corporation and Oceana Gold Philippines Inc. continue to operate in the same province.
CEC report intensifies Philippine mining policy debate
A recent Bulatlat investigation reported that the CEC's State of the Philippine Environment forum on July 10 identified at least nine mining corporations linked to former and incumbent government officials. The report cited subsidiaries of Nickel Asia Corporation covering more than 14,500 hectares of approved contracts. Benguet Corporation disclosed P3.313 billion in gross revenue from nickel, gold, lime and silver sales, with nickel accounting for P1.83 billion from its Zambales tenement, and flagged interest in copper and gold prospects including the Asiga Copper and Gold Prospect in Agusan del Norte. The Villar family's commercial footprint was also cited as intersecting with mining interests.
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