BHP bets billions on Chile mines to face global copper crunch
BHP detailed to investors this week plans to spend $10.7 billion to $14.7 billion within about 10 years.
Ministro Hales copper-silver mine. Panoramic.
Silver production at Chile’s Codelco, the world’s largest copper miner, went up by over 38% in the first five months of 2014, compared to the same period last year, as a result of the company’s increasing efforts to become one of the globe’s top ten silver producers.
According to figures provided by the state-owned firm to Portal Minero (in Spanish), inferred silver production to date has reached 144 tons, 40 more than last year. The company expects to produce between 300 to 600 tons of the precious metal this year, as its massive and new Ministro Hales mine ramps up production.
Located on the outskirts of Calama, in northern Chile, the nearly $3 billion mine will generate about a third of the country’s silver production. It will also add 180,000 tonnes to global copper supply, helping to counteract declining ore grades in Codelco’s other mines.
Last year Chile’s total silver output reached almost 1,220 tons, a 5% of the world’s total.
Image courtesy of Codelco, via Flickr.
2 Comments
frankinca
ARe they streaming it to Silver Wheaton or Coeur.?
shailesh
i am interest purchese bulk