28th Nov 2007 12:00
Anglo American PLC28 November 2007 News Release 28 November 2007 Anglo American approves US$1.7bn Los Bronces development project Anglo American is pleased to announce the approval of the Los Bronces copperdevelopment project in Chile. The project will raise annual production of fine copper to 400,000 tonnes perannum from the current level of 226,000, an increase of some 170,000 tonnes perannum by 2011. Molybdenum production will reach 5,400 tonnes from the currentlevel of 2,123 tonnes. This project will transform Los Bronces into one of thelargest copper mines in the world. Los Bronces is an open-pit copper mine, located in the Andes, 65 kilometresnortheast of Santiago at 3,500 metres above sea level. It has copper sulphideore treatment plants, a 56-kilometre slurry pipeline, copper and molybdenumfloatation plants and two solvent extraction-electro-winning (SX-EW) plants forthe low-grade ore dump leaching process. The Los Bronces development project entails an investment of US$1.7bn to buildnew grinding facilities in the Confluencia sector and a new floatation plant atLas Tortolas 2. It is expected to be completed in three years and to have a minelife of more than thirty years. The Environmental Impact Study submitted in October 2006 was recently approvedby the Chilean authorities and construction work for the project will startimmediately. This development is the first stage in Anglo American's strong pipeline ofcopper expansion projects which aims to increase copper production toapproximately 1.7 million tonnes per annum by year 2016. In addition, AngloAmerican's Base Metals division is currently progressing the US$1.2bn Barro Altonickel project in Brazil which will also double total Group nickel production by2011. Cynthia Carroll, CEO of Anglo American, said "The Los Bronces developmentproject is an exciting brownfield project in Anglo American's extensive pipelineof base metal projects in South America, which will enable the company to carryon growing and consolidating its copper profile. Over the last 30 years, AngloAmerican has played a major role in expanding Chile's mining capacity and, inthe process, significant wealth creation has been generated for its employees,shareholders and Chile as an investment destination." For further information, please contact: London Investors:Charles GordonTel: +44 20 7968 8933 Anna PoulterTel: +44 20 7968 2155 Media:James Wyatt-TilbyTel: +44 20 7968 8759 Santiago Marcelo EsquivelTel: +56 2 230 6584e-mail: [email protected] Notes to Editors: Anglo American plc is one of the world's largest mining and natural resourcegroups. Together with its subsidiaries, joint ventures and associates, it is aglobal leader in platinum group metals and diamonds, with significant interestsin coal, base and ferrous metals, as well as an industrial minerals business anda stake in AngloGold Ashanti. The Group is geographically diverse, withoperations in Africa, Europe, South and North America, Australia and Asia.(www.angloamerican.co.uk) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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