Freeport McMoRan to spend $7.5 billion on Chile copper expansion

Chile

SANTIAGO, July 24, 2024 – Freeport McMoRan plans a USD 7.5-billion expansion of its El Abra copper mine in Chile, Mining.com reported on Tuesday.

The expanded facility will produce around 340,000 tonnes of copper and 4,080 tonnes of molybdenum per year.

Thanks to permitting requirements, the expansion project is expected to take seven to eight years to develop, with the environmental impact statement set to be submitted by the end of next year, the report cited CEO Kathleen Quirk as saying.

The El Abra copper mine, located in the northern province of El Loa, is 51% held by Freeport McMoRan, with Codelco holding the remaining 49%. Its 2023 output was 98,400 tonnes.

Its expansion would add a new concentrator plant and pipelines for water requirements, as well as entailing investments in desalinisation.

Freeport McMoRan engages in the mining of mineral properties in North America, South America and Indonesia. The company focuses on large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum.

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