Decision gives 18 months more than planned to the operation, which would result in additional production of 470 million pounds of zinc and 52 million pounds of copper during that period.
The new rules are a clear effort to improve the current legislation as seamlessly as possible, but in close attention to the international industry dynamics and to a number of other sensitive issues (such as environmental recovery and security).
Nelson Pizarro wants to remain at the helm of the world’s biggest copper company until he can cut the ribbon on a project to convert its flagship pit into a giant underground mine.
Reaching agreements with residents near the project is expected to take about a year, followed by three to build the mine, which will begin operations by 2022.
After six months of lobbying, companies including Glencore and Randgold Resources have got nowhere in their battle to push back against a new mining law that voids existing agreements and increases their costs.
