Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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Anglo American has announced the delivery of the first copper production on schedule from its Los Bronces expansion project in central Chile, visited by IM Editor Paul Moore on November 22. The expansion is expected to more than double (on average over the first three years of full production), the mine’s existing production of 220,000 t/y and is the second of Anglo’s four major strategic growth projects to begin production in 2011. John Mackensie, CEO of Anglo’s copper business commented: “We have delivered this major expansion of Los Bronces on schedule thanks to the admirable hard work and dedication of the entire team of up to 16,000 people who have been working on the project over the last three years. We have a 12-month ramp up period ahead until we reach full production, during which time we will be increasing processing plant throughput from 61,000 t/d to 148,000 t/d.” (more…)
