Antofagasta eyes copper output surge
mining-journal.com
Antofagasta plc said on April 9 it expected to produce 460,000t/y of copper through 2009, and then output would jump 40% after its Esperanza mine comes on line in 2010.
London-listed Antofagasta, a Chilean miner, produced 428,000t of the red metal in 2007 and output is seen improving this year amid higher ore grades at its Los Pelambres mine in central Chile.
"In coming years we will maintain similar production levels and then add output from Esperanza at the end of 2010, which should mean a rise of about 40% in copper production for the group," Antofagasta Minerals chief executive Marcelo Awad told Reuters in an e-mail interview for the CRU/CESCO copper conference in Santiago, the Chilean capital.
Awad said his company had raised estimates for investments needed to put Esperanza into production to US$1.5 billion, and the company was working on a short list of potential minority partners.
He said his company`s Reko Diq copper and gold project in Pakistan, a joint venture with Canada`s Barrick Gold, would likely come into production in late 2012, after investments of about US$1.5 billion.
Awad said market fundamentals remained strong and that commodity prices would stay firm until well into 2009. Esperanza will be one of Chile`s first major greenfield - or built from scratch - projects in years.
The mine is expected to be ready for operation in the fourth quarter of 2010 and will add annual production of 195,000t of copper, 229,000oz of gold and 1.556Moz of silver to Chile`s mining roster.
(Reuters, April 10) |
