Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Canadian miner Teck Resources has scrapped a previously submitted environmental permit application to expand a mill at its Quebrada Blanca copper mine in Chile in order to draft a new version, it said on Tuesday.
The decision to withdraw the original application for the permit, needed to boost grinding capacity at the vast deposit, comes after feedback from regulators, Teck said in a statement.
Once submitted, the revised application will tack on around 12 months to the overall regulatory process, Teck added.
Teck is set to inaugurate the Quebrada Blanca Phase 2 project, which it says is one of the largest undeveloped copper resources in the world, in Chile’s far north later this week.
“Teck does not anticipate a sanction decision on Quebrada Blanca mill expansion prior to completion of ramp up and assessment of the full capability of the existing Quebrada Blanca asset and receipt of regulatory approval,” the miner said.
Teck holds a 60% stake in Quebrada Blanca, while 30% is jointly controlled by Sumitomo Metal Mining and Sumitomo Corp. Chilean state-run Enami holds the remaining 10% stake.
(By Fabian Cambero; Editing by Sarah Morland and Anthony Esposito)
Read More: Teck stock drops to seven-month low on rising cost of flagship copper mine
Comments