Anglo American, Xstrata see resources estimates surge in Chile

Diversified mining groups Anglo American and Xstrata have highlighted the potential of their joint-owned copper mine in Chile after announcing that the project's resources estimate has been hiked by almost a fifth.

Diversified mining groups Anglo American and Xstrata have highlighted the potential of their joint-owned copper mine in Chile after announcing that the project's resources estimate has been hiked by almost a fifth.

The Collahuasi mine, in which the companies own a 44% interest each, has raised its new measured, indicated and inferred resource estimate by 1.4bn tonnes, or 19%, to over 9.0bn tonnes, compared with the previous estimate published in December 2011.

The new estimates are at an average grade of 0.81% copper and 0.02% of molybdenum.

Meanwhile, total contained copper metal has increased by 23% to around 73m tonnes. Ore reserves have risen 292m tonnes to 3.2bn tonnes (up 10%) at an average grade of 0.81% copper.

"This impressive uplift in our mineral resource base at Collahuasi clearly indicates the significant potential for further expansion at Collahuasi," said Collahuasi's Chief Executive Officer Jorge Gomez.

"We continue to work on bringing increased stability to our processes through operational improvements to ensure we can capitalise on this world-class resource."

Collahuasi, located in the Regin of Tarapac, produced 284,000 tonnes of fine copper in 2012.

The remaining stake in Collahuasi is owned by a Japanese consortium headed by Mitsui.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021