According to mining website reports citing Reuters, Maximo Pacheco, chairman of Chile’s state-owned copper company Codelco, stated on Wednesday that the company will wait for the feasibility study on the expansion of the El Abra copper mine before assessing financing strategies. The American mining company Freeport-McMoRan, which owns 51% of the mine, plans to invest around $7.5 billion in the expansion.
During Freeport-McMoRan’s second-quarter earnings call, CEO Kathleen Quirk announced the company’s major investment plan: McMoRan Copper & Gold plans to invest approximately $7.5 billion to expand the El Abra copper mine in Chile. She noted that due to permitting requirements, the project is expected to take 7 to 8 years to develop, and the company plans to submit an environmental impact statement by the end of 2025.
It is reported that Freeport-McMoRan owns 51% of the El Abra copper mine, with the remaining shares held by Codelco. According to data from Chilean national agency Cochilco, the El Abra copper mine produced 98.4 thousand metric tons of copper last year, making it one of the company’s important assets. This expansion project not only reflects Freeport-McMoRan’s confidence in the future copper market but also demonstrates the company’s commitment to sustainable development and environmental protection.
[Source – 上海有色网] Codelco将等待对El Abra铜矿扩建项目可行性研究 https://news.smm.cn/news/102871411
