“We’re going to proceed to evaluation the economics within the context of market circumstances, however imagine it is a venture that will likely be required sooner or later to help long-term copper demand developments,” Quirk mentioned.
Freeport owns 51% of El Abra, with the rest held by Codelco, one of many world’s largest copper producers. The mine produced 98,400 metric tons of copper final 12 months, in accordance with information from state company Cochilco.
Freeport chairman Richard Adkerson mentioned Codelco was “anxious for us to maneuver ahead” and supported the corporate creating a relationship with Chilean President Gabriel Boric.
He famous that Boric had confirmed to be supportive of the mining business.
“The tone is considerably modified from his preliminary election interval,” Adkerson mentioned.
Quirk added that Chile in addition to Peru, residence to Freeport’s copper and molybdenum mine Cerro Verde, have been each excited by attracting extra funding within the sector.
In Chile, she mentioned Freeport was hopeful that the federal government would perform its goal to streamline allowing for mining tasks.
The enlargement at El Abra requires a brand new concentrator plant, pipelines for water necessities, and investments in desalinization. It might yield 750 million kilos of copper and 9 million kilos of molybdenum per 12 months, Quirk mentioned.
(By Fabian Cambero and Daina Beth Solomon; Enhancing by Stephen Coates)