Group7_Mine - Factiva

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Peru's Antamina Mine To Proceed With Large-Scale Expansion By Robert Kozak Of DOW JONES NEWSWIRES 304 words 5 January 2010 10:46 Dow Jones Business News DJON English LIMA -(Dow Jones)- Peruvian miner Compania Minera Antamina SA will proceed with a $1.3 billion expansion of its base metals mine, located high in the Andes Mountains. The project will increase processing capacity by 38%, and increase reserves processed by 77%, the company, jointly owned by four large miners, said Tuesday. The expansion will increase the life of the mine by six years to 2029. The mine went into production in 2001, decades after being discovered. The Antamina mine is owned by BHP Billiton Ltd. (BHP), with a 33.75% stake, Xstrata PLC (XTA.LN), with another 33.75%, Teck Resources Ltd. (TCK) with 22.5% and Mitsubishi Corp. (MIB.TO) with 10%. Total reserves at Antamina are 745 million metric tons, based on a 2008 reserves study. The company said that with the expansion it will have to, among other things, acquire new mining equipment,
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This note was uploaded on 01/11/2012 for the course EIN 4354 taught by Professor Tufecki during the Fall '08 term at University of Florida.

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