Freeport McMoran to Invest in Expansion of Chile Copper Mine

SEATTLE (Scrap Monster): U.S.-based global miner Freeport McMoran announced plans to invest around $7.5 billion towards expansion of its El Abra copper mine in Chile. The project is estimated to take at least seven to eight years for development.

Speaking at an analysts call event following the announcement of the second quarter results, Kathleen Quirk, CEO, Freeport McMoran said that it plans to submit an environmental impact statement by the end of 2025. The company will continue its review of the project based on market conditions, but it is of the view that the project will be required to support the future long-term copper demand trends.

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It must be noted that Freeport owns majority stake of 51% in El Abra, whereas the remaining 49% is held by Chilean state miner, Codelco. The planned expansion project comprises of installation of new concentrator plant as well as pipelines for water requirements. It also includes major investments in desalinization. Upon completion of the expansion, the mine would yield 750 million pounds of copper and 9 million pounds of molybdenum per year, said Quirk.

Freeport McMoran had reported consolidated production of 1.0 billion pounds of copper, 443 thousand ounces of gold and 20 million pounds of molybdenum in Q2 2024.