Codelco says it will wait to evaluate financing for El Abra expansion
Freeport McMoran, which owns 51% of the mine, plans to invest around $7.5 billion to expand.
Chile’s state-run miner Codelco, the world’s largest copper producer, expects quick progress in ramping up processing capacity at its Chuquicamata underground project, the company’s chief executive said.
Codelco was forced to temporarily suspend work at the project, designed to extend the life of the century-old open pit mine, as measures to contain the coronavirus pandemic hobbled operations.
In a video released Wednesday, CEO Octavio Araneda highlighted “faster progress than originally planned, which is very good because it will allow it to contribute more fine copper this year.”
“Hopefully, if we continue to do things well … we can beat the ramp-up we have planned for this mine and reach 140,000 tons per day (of mineral processing) as soon as possible,” he added.
Codelco said last week it was rebooting operations and projects it had temporarily shelved, beginning with the sprawling underground Chuquicamata mine.
(By Fabian Cambero and Dave Sherwood; Editing by Richard Chang)
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