News > November 2007

Nov 28, 2007 Anglo Approves $1.7 Billion Chilean Copper Expansion
Nov 22, 2007 China-Latin America Trade Expands Almost 44% Jan-Sept
Nov 22, 2007 Panama Real Estate Investment
Nov 14, 2007 The Expansion of Panama's Economy and Canal
Nov 13, 2007 Telefonica Net Rises 39% to Record on Latin America
Nov 11, 2007 Latin America More Resilient to U.S. Slowdown, IMF's Singh Says

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Anglo Approves $1.7 Billion Chilean Copper Expansion

Date: 2007-11-08
By Antony Sguazzin (Bloomberg)

Anglo American Plc decided to expand its Los Bronces copper mine in Chile, taking the value of projects approved by Cynthia Carroll since she became chief executive officer in March to more than $4 billion.

The $1.7 billion expansion will almost double production at the mine to 400,000 metric tons a year, from 226,000 tons, Anglo said today in a statement. In August, the company agreed to spend $1.43 billion on an Alaskan copper mine. It announced a $1.15 billion Brazilian iron-ore investment in April.

The Los Bronces plan underscores Anglo's focus on industrial metals as the booming economies of China and India fuel demand for the raw materials needed for buildings, cars and domestic appliances. Anglo, the world's second-largest mining company after BHP Billiton Ltd., announced in 2005 it was switching its focus away from gold and paper.

The expansion at Los Bronces, 65 kilometers (40 miles) northeast of Santiago, will be complete in three years and the mine's life will exceed 30 years, the company said. Molybdenum output will rise to 5,400 tons a year, from 2,123 tons.

''This development is the first stage in Anglo American's strong pipeline of copper expansion projects, which aims to increase copper production to approximately 1.7 million tons per annum by 2016,'' Anglo said. Anglo's attributable copper production in 2006 was 643,800 tons, according to a February statement.

Nickel Production

Nickel production is expected to double by 2011, the company said today. Anglo rose 146 pence, or 5.2 percent, to 2,955 pence in London trading, giving the company a market value of 39.1 billion pounds ($81 billion).

Copper traded at $6,735 a ton on the London Metal Exchange as of 5:13 p.m. local time. The metal rose to a record $8,800 a ton on May 11, 2006.

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