US miner Freeport McMoran plans to invest around $7.5 billion to expand its El Abra copper mine in Chile, a project expected to take seven to eight years to develop due to permitting requirements, CEO Kathleen Quirk said on Tuesday.
“We’re going to continue to review the economics in the context of market conditions, but believe this is a project that will be required in the future to support long-term copper demand trends,” Quirk said. Freeport chairman Richard Adkerson said Codelco was “anxious for us to move forward” and supported the company developing a relationship with Chilean President Gabriel Boric.“The tone is significantly changed from his initial election period,” Adkerson said.
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