02 April 2009

Anglo American to Invest $500 Million in Chile Copper Mine

By Nathan Gill
April 2 (Bloomberg) -- Anglo American Plc will invest $500 million in its Los Bronces copper mine in Chile this year, Chilean Mining Minister Santiago Gonzalez said.

An expansion project at the mine could create 4,000 jobs by the beginning of 2010, Gonzalez, chairman of Chile’s state-run mining company, Codelco, said today in Santiago after meeting with Anglo American Chief Executive Officer Cynthia Carroll.

Expanding the South American copper mine will cost $2.2 billion to $2.5 billion, London-based Anglo American said Feb. 20 in its 2008 earnings report. That’s more than the $1.74 billion the company estimated in July. Full production is scheduled to start in 2012.

"The growth plan that Anglo American has in Los Bronces is very important," Gonzalez said. "This year they will invest $500 million and we are optimistic that this will generate a large quantity of jobs."