Los Pelambres copper mine expansion, Chile
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Name of the Project
Los Pelambres copper mine expansion.
Location
Chile.
Client
Minera Los Pelambres, which is 60%-owned by Antofagasta and 40%-owned by consortiums led by JX Nippon and Mitsubishi.
Project Description
The expansion will add an average of 60 000 t/y of copper to the mine’s production over the first 15 years.
Throughput at the plant will be increased from 175 000 t/d of ore to an average of 190 000 t/d of ore.
The project includes the construction of a desalination plant and water pipeline.
A subsequent phase of expansion may follow, which depends on the receipt of the necessary environmental and regulatory approvals.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
Not stated.
Value
$1.3-billion.
Duration
Construction of the project will start at the beginning of 2019, with first production expected in the second half of 2021.
Latest Developments
The expansion of the Los Pelambres copper mine is fully financed.
The entire $1.3-billion cost of the expansion will be debt-financed by Los Pelambres.
The financing consists of two tranches – one of $425-million with a ten-year term from Japan Bank for International Cooperation, and the other of $875-million with a seven-year term from a consortium of international banks, including Mizuho Bank, Export Development Canada, Scotiabank, Sumitomo Mitsui Banking Corporation and Bank of China.
Antofagasta has said that the second tranche has received a so-called green evaluation from S&P Global Ratings, making Los Pelambres the first mining company in the world to receive this evaluation from S&P.
Key Contracts and Suppliers
None stated.
On Budget and on Time?
Too early to state.
Contact Details for Project Information
Antofagasta investors, Andrew Lindsay, tel +44 20 7808 0983 or email alindsay@antofagasta.co.uk.
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