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Gold/Mining/Energy : Copper - analysis

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From: LoneClone	4/5/2007 9:45:29 AM
	of 2131

Freeport to go ahead with US$343mn expansion at El Abra - Chile Published: Friday, March 30, 2007 16:17 (GMT -0400) bnamericas.com US-based Freeport McMoRan Copper & Gold (NYSE: FCX) aims to move forward with a US$343mn expansion to the El Abra copper mine in Chile as planned by previous owner Phelps Dodge. "Our plans are to go forward with it. We're looking for ways to build the assets in this company," Freeport CEO Richard Adkerson told BNamericas. The expansion plan for Freeport's 51% stake in El Abra, that it acquired along with its takeover of Phelps earlier this month, encompasses a production increase and mine life expansion by 19 years to 2029. The mine produces roughly 225,000t/y from oxide ore. While the output expansion has not yet been quantified, it involves leaching the sulfides beneath the current open-pit. The project has an environmental impact assessment on file with Chile's environmental regulator Conama that contemplates construction to start in 2008 and expanded production roughly from 2010. Freeport's US$26bn purchase of Phelps Dodge placed it as the world's largest publicly traded copper company. The deal also made Freeport the owner of the Candelaria/Ojos del Salado mine in Chile and gave it a 53.6% stake in the Cerro Verde mine in Peru. Chilean state-owned Codelco owns the remaining 49% of El Abra.

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