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2010 Chilean Mining Rescue - Essay Example

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On the fifth day of august 2010, the world came to a shock when it got reported that a mine in Chile had collapsed trapping 33 miners over 600 meters below the ground. This was the San Jose mine, a mine located in the Northern part of Chile. This section of the group project…
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2010 Chilean Mining Rescue

Download file to see previous pages... In 2010, the San Jose mine got bought by the Minera Andes bought 49% of the shares of the company. This was a company owned by Marcelo Kemeny and Alexander Bohn (Scott 56). They diversified the San Jose mine in the production of copper. The two, Marcelo and Alexander, were the ones in charge of the company when the incident happened in 2010. Marcelo was the son of Jorge Kemeny who started Minera Andes in 1957, the company that later took charge of the San Jose mine.
The San Jose produced approximately 2,700 kilograms of copper daily in 2010. This was approximately $22,000. The production of gold in the year 2010 was 12,549 ounces. Further, the gold deposits as per 2010 were worth up to a billion dollars. This was the importance of the company to the copper mining industry. The company together with other copper mining companies provided the largest part of the government revenue. With Chile being among the leading producer of copper, the San Jose mine was at the centre of private mining companies that were fast producing copper (Amy et al 4).
Until the 2010 incident, the San Jose mining company had been growing in terms of it profit margin. The profit margins had been on an upward trend. Despite the various minor accidents, the company had been able to increase its productivity. The change in ownership of the company, in 2010, helped to further increase its productivity. There was a new management and more capital available for investment. However, the 2010 incident dealt it a significant blow (Franklin 32).
In the year ended December 2010, the Minera Andes, which owned 49% of the San Jose mine company, recorded a net income of $ 30.9 million. For the same period in 2009, the company had recorded a $26.8 million income. This indicated a rise of $4.1 million in income. . The company reported an $18.8 million net income in the final quarter of the year. It is worth noting that Minera Andes had bought the 49% shares of San Jose mine in 2010. This ...Download file to see next pagesRead More
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