Anglo-American sees first production from expanded Chile mine
Anglo-American, the FTSE 100 mining company, has completed the first copper production from the huge expansion project at its Los Bronces mine in central Chile.
Anglo-American, the FTSE 100 mining company, has completed the first copper production from the huge expansion project at its Los Bronces mine in central Chile.
The expansion of Los Bronces is expected to more than double the mine's existing production of 221,000 tonnes per year.
Anglo-American's Chief Executive, Cynthia Carroll, said of the development: "At peak production levels, Los Bronces is expected to be the fifth largest copper mine in the world, with reserves and resources that support a mine life of over 30 years and with further expansion potential."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Los Bronces is an open-cut copper and molybdenum mine located approximately 65km northeast of Santiago, Chile, at an altitude of around 4,000m above sea level.
The ore is extracted, crushed and transported down a 56km slurry pipeline to the Las Trtolas flotation plant, where copper and molybdenum concentrates are produced. The mine also produces copper cathodes.
At its peak of construction the Los Bronces Project employed approximately 16,000 workers.
Anglo-American shares have fallen 33% in the year to date and are 15% down over five years.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Review: The Store, Oxford – purveyors of excellence
MoneyWeek Travel The Store is a luxurious, new hotel in Oxford that has set up shop in a former department store in the heart of the city
By Chris Carter Published
-
Seven ways the Budget could hike inheritance tax or capital gains tax at death
Chancellor Rachel Reeves could target death taxes by raising IHT and/or levying CGT on inheritances. We look at some potential moves in the Autumn Budget
By Ruth Emery Published