20th Dec 2023 09:22
(Alliance News) - Antofagasta PLC on Wednesday said the Centinela second concentrator project has been approved by authorities in Chile.
The London-based, Chile-focused mining group said the project will add 170,000 copper equivalent tonnes per year, with first copper expected in 2027. For the third quarter of 2023, Antofagasta had reported production of 173,000 tonnes of copper.
Chief Executive Officer Ivan Arriagada said the project "will also reduce net cash costs and unlock significant value in the Centinela district's two billion tonne ore reserve. This brownfield expansion project is expected to deliver attractive returns in excess of our cost of capital at a wide range of commodity prices. We are leveraging more than 20-years of operational experience and understanding of Centinela's ores, utilising existing infrastructure and building on long-established relationships within our local communities."
Antofagasta shares were flat at 1,685.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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