Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (44710)	10/7/2009 10:31:01 PM
From: LoneClone	Read Replies (1) \| Respond to of 197060

Freeport says revives El Abra copper extension Wed Oct 7, 2009 12:36pm EDT reuters.com SANTIAGO, Oct 7 (Reuters) - Freeport-McMoran (FCX.N) said it revived plans to extend the life of its El Abra copper mine in Chile, in a sign of the industry's growing optimism on the global economy and demand for copper. The company said in a statement issued late on Tuesday it will resume the $600 million Sulfolix project to extend El Abra's life by 10 years by mining sulfides after oxides run out in 2010. The company and its minority partner at the mine, state-run Codelco, had put plans on ice last year after copper prices collapsed. Copper prices HGZ9MCU3 have risen more than 90 percent this year on unusually high demand from China, leading many copper producers to restart projects that were delayed amid the worst of the global financial crisis. El Abra produced 165,800 tonnes of copper in 2008. The project would have a total cost of $600 million over six years, of which $450 million will be used in an initial phase that is expected to be completed in 2012, the company said. Freeport operates mines in the United States, Indonesia, Peru and Chile. (Reporting by Alonso Soto; Editing by Walter Bagley)