Freeport McMoran plans $7.5bn investment to expand Chile copper mine
SANTIAGO - US miner Freeport McMoran plans to invest around $7.5-billion to expand its El Abra copper mine in Chile, a project expected to take seven to eight years to develop due to permitting requirements, CEO Kathleen Quirk said on Tuesday.
Speaking in a call with analysts after reporting second quarter results that beat profit estimates, Quirk said Freeport planned to submit an environmental impact statement by the end of next year.
"We're going to continue to review the economics in the context of market conditions, but believe this is a project that will be required in the future to support long-term copper demand trends," Quirk said.
Freeport owns 51% of El Abra, with the remainder held by Codelco, one of the world's biggest copper producers. The mine produced 98,400 metric tons of copper last year, according to data from state agency Cochilco.
Freeport Chairman Richard Adkerson said Codelco was "anxious for us to move forward" and supported the company developing a relationship with Chilean President Gabriel Boric.
He noted that Boric had proven to be supportive of the mining industry.
"The tone is significantly changed from his initial election period," Adkerson said.
Quirk added that Chile as well as Peru, home to Freeport's copper and molybdenum mine Cerro Verde, were both interested in attracting more investment in the sector.
In Chile, she said Freeport was hopeful that the government would carry out its aim to streamline permitting for mining projects.
The expansion at El Abra calls for a new concentrator plant, pipelines for water requirements, and investments in desalinization. It would yield 750-million pounds of copper and 9-million pounds of molybdenum per year, Quirk said.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...
VISIT SHOWROOM
Tractor & Grader Supplies (TGS™): Your Trusted, Genuine Source for New Replacement Parts for Earthmoving, Construction and Mining Machinery
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
