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AGL - Anglo American Plc - Anglo American Approves Us$1.7bn Los Bronces
Development Project
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820
("Anglo American plc" or "the company")
Anglo American approves US$1.7bn Los Bronces development project
Anglo American is pleased to announce the approval of the Los Bronces copper
development project in Chile.
The project will raise annual production of fine copper to 400,000 tonnes per
annum from the current level of 226,000, an increase of some 170,000 tonnes
per annum by 2011. Molybdenum production will reach 5,400 tonnes from the
current level of 2,123 tonnes. This project will transform Los Bronces into
one of the largest copper mines in the world.
Los Bronces is an open-pit copper mine, located in the Andes, 65 kilometres
northeast of Santiago at 3,500 metres above sea level. It has copper sulphide
ore treatment plants, a 56-kilometre slurry pipeline, copper and molybdenum
floatation plants and two solvent extraction-electro-winning (SX-EW) plants
for the low-grade ore dump leaching process.
The Los Bronces development project entails an investment of US$1.7bn to build
new grinding facilities in the Confluencia sector and a new floatation plant
at Las Tortolas 2. It is expected to be completed in three years and to have a
mine life of more than thirty years.
The Environmental Impact Study submitted in October 2006 was recently approved
by the Chilean authorities and construction work for the project will start
immediately.
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 tonnes per annum by year 2016. In addition, Anglo
American`s Base Metals division is currently progressing the US$1.2bn Barro
Alto nickel project in Brazil which will also double total Group nickel
production by 2011.
Cynthia Carroll, CEO of Anglo American, said "The Los Bronces development
project is an exciting brownfield project in Anglo American`s extensive
pipeline of base metal projects in South America, which will enable the
company to carry on growing and consolidating its copper profile. Over the
last 30 years, Anglo American has played a major role in expanding Chile`s
mining capacity and, in the process, significant wealth creation has been
generated for its employees, shareholders and Chile as an investment
destination."
For further information, please contact:
London
Investors:
Charles Gordon
Tel: +44 20 7968 8933
Anna Poulter
Tel: +44 20 7968 2155
Media:
James Wyatt-Tilby
Tel: +44 20 7968 8759
Santiago
Marcelo Esquivel
Tel: +56 2 230 6584
e-mail: maesquivel@anglochile.cl
28 November 2007
Notes to Editors:
Anglo American plc is one of the world`s largest mining and natural resource
groups. Together with its subsidiaries, joint ventures and associates, it is a
global leader in platinum group metals and diamonds, with significant
interests in coal, base and ferrous metals, as well as an industrial minerals
business and a stake in AngloGold Ashanti. The Group is geographically
diverse, with operations in Africa, Europe, South and North America, Australia
and Asia. (www.angloamerican.co.uk)
Date: 28/11/2007 14:00:05 Supplied by www.sharenet.co.za
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