Reuters reported that Antofagasta plc (LSE:ANTO) has submitted its Chile-based Oxidos Encuentro copper project for environmental approval. The project is worth $600 million and the company hopes for initial production to start in 2016.
As quoted in the market news:
Output is seen at an average of 50,000 tonnes of copper cathodes per year over eight years.
“The development of the Centinela Mining District consolidates our position in that zone where the group had been working for more than two decades. The synergies between the Oxidos Encuentro project, El Tesoro and Esperanza will allow the sector’s mining potential to be re-galvanized,” project manager Francisco Walther said in a statement.