7.4 magnitude earthquake hits copper and lithium mines in Chile

The Escondida mine, the world’s largest copper mine and jointly owned by BHP (ASX: BHP) and Rio Tinto (ASX: RIO), is one of the operations located in the area hit by the earthquake. Chile’s state-owned Codelco also has mines in the area, including Chuquicamata, Radomiro Tomic, Ministro Hills and Gabriela Mistral.

The South American nation holds the world’s largest lithium reserves, 90% of which are in the Atacama Desert, near the epicenter of the quake. The news has raised concerns about supplies, as Chile is a major exporter of lithium-containing chemicals to China.

Albemarle (NYSE: ALB) and SQM (NYSE: SQM), the world's largest and second-largest lithium producers, respectively, operate in the Salar de Atacama salt flat, where the earthquake's epicenter was detected.

Source: USGS.

“Despite its enormous size and the large number of falling objects, it is not considered a very intense earthquake,” said researchers at the Chilean Geosciences Network, a nongovernmental organization. They noted “some minor infrastructure shocks” such as highways being blocked by falling rocks, but no buildings were damaged.

The quake struck just hours after the US Geological Survey released its first study assessing the risks of global earthquakes to metal supplies.

In April, a 4.7 magnitude earthquake struck the Colawasi copper mine, a joint venture between Anglo American (LON: AAL), Glencore (LON: GLEN) and a Japanese consortium. Earlier this month, a 4.0 magnitude earthquake struck the Los Pelambres copper mine in Antofagasta (LON: ANTO).

Chile is a country that is frequently affected by earthquakes, so the country is well prepared for them. As a result, major damage and fatalities are rare. However, in 2010, an 8.8 magnitude earthquake and subsequent tsunami killed 526 people and caused billions of dollars in damage.

The most powerful seismic event ever recorded by measuring instruments around the world occurred in Chile on May 22, 1960. A 9.5 magnitude earthquake struck off the southern coastal city of Valdivia, generating a tsunami that spread across the Pacific Ocean.

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