trending Market Intelligence /marketintelligence/en/news-insights/trending/zVArBH8RlL5J6_l9p5JOPA2 content esgSubNav
In This List

Chile approves KGHM's plan for environmental mitigation at Sierra Gorda

Blog

The Future of Risk Management Digitization in Credit Risk Management

Blog

European Energy Insights - June 2021

Blog

Climate Credit Analytics: Diving into the model

Video

How to use ESG Heat Maps in Credit Risk Analysis


Chile approves KGHM's plan for environmental mitigation at Sierra Gorda

Chilean environmental regulator SMA has approved KGHM Polska Miedz SA's US$19.1 million mitigation plan for the Sierra Gorda copper mine in the country, Reuters reported Sept. 27, citing a statement from the regulator.

In March, the regulator charged the company with nine environmental violations at the operation and threatened to cancel its license, saying the copper miner can be fined up to US$29 million. The violations included seven serious and two mild infractions.

SMA said the company has admitted to the charges and is implementing a US$19.1 million plan to improve the situation.

The company will construct rainwater canals, fix roads and stick to shipping copper concentrate through ports in the Antofagasta region.

In August, Poland's Internal Security Agency called for a probe into KGHM's acquisition of a Canadian company with assets in Chile, arguing that the copper miner made errors that led to it signing a "disadvantageous" deal. The acquisition included a stake in Sierra Gorda.