El Abra
From IntFX
Contents |
[edit] Brief Overview
El Abra holds mining concessions over more than 13,352 ha of land located in the Antofagasta region of Northern Chile, approximately 1,650 km north of Santiago. El Abra controls a total of 44,614 ha of mining claims covering the ore deposit, stockpiles, process plant, and water wellfield and pipeline. In addition, El Abra has acquired surface rights for the plant-mine access road, the wellfield, power transmission line, and for the water pipeline from the Salar de Ascotán. Acquisition of all additional surface area required for the future development of the sulfide project is in process.[1]
[edit] Location
Copper mine 40km N of Chuquicamata, II Region, Chile. Porphyry coper with hypogene enrichment and oxidation zone.[2]
[edit] Ownership
A joint venture, El Abra is 51 per cent owned by Cyprus Amax and 49 per cent owned by Corporacion Nacional del Cobre de Chile (CODELCO), the Chilean national copper company.[3] Codelco, based in Santiago, Chile, is the world's largest copper producer with approximately 12 per cent of world production.[4]
[edit] Production per annum
225,000 tonnes of copper metal per year.[5]
[edit] Production Start Date
El Abra is expected a begining in 2010.[6]
[edit] Deposit size
Domain: Inferred resource 50.3Mt at 4% Pb, 0.2% Zn, 0.1% Cu, and 10g/tAgCopper-Gold Domain: 9.8Mt at 0.2%Pb, 0.6%Cu, 0.5g/tAu, and 2g/tAg[7]
[edit] Operating cost per pound
Approximate $0.85 per pound of copper.[8]
[edit] Capital Cost
Total initial capital for the project is approximately $350 million[9]
[edit] Notes
The El Abra operation consists of an open-pit copper minehttp://www.infomine.com/companies-properties/infodbweb/ChargePropertySummary.asp?SearchID=24609
El Abra is expected to shift from an oxide-leach, on-off pad operation to a bornite-dominant, sulfide-leach operation, where ore will be leached on a permanent pad.[10]
| CHILE (% Changes) | Q1 2007 (SAQR*) | Q4 2006 (SAQR*) | Q3 2006 (SAQR*) | Year/Year | 2006 | 2005 | 2004 |
| Real GDP | 3 | 2 | -0.3 | 5.8 | 4 | 5.7 | 6 |
| Copper Industry | 5.3 | 6.7 | -4.5 | 7.1 | 0.1 | -2.5 | 4.5 |
[edit] External Analysis
Chile central bank cuts 08 GDP growth estimate to 4.5%-5.5%
The Chilean central bank Wednesday cut its outlook for gross domestic product growth this year to 4.5%-5.5% with a downside risk, from a previous 5%-6% estimate. For 2007, the central bank said it expects GDP growth to come in at 5.2%, well below the 5.75%-6.25% range the bank had estimated in September.
In its four-month monetary policy report, or Ipom, delivered to Congress Wednesday morning, the central bank said the slower growth was due to a less favorable international economic scenario, as well as lower domestic consumption, industrial and mining output.
Domestic demand will likely grow 6.2% on the year in 2008, below the 8.1% increase it posted last year, according to the Ipom.
Decreased domestic consumption is the result of unusually high inflation, the bank said. In 2007, inflation reached 7.8% and for 2008 the bank increased its inflation outlook to 4.5% from a previous 3.1% estimate. The upward revision was a result of higher fuel prices and rising electricity rates. For 2009, inflation should begin to converge toward the bank's target of 3%, plus or minus one percentage point, the bank said.
For 2008, the scenario for exporters will be less favorable as commodity prices and demands for these goods will likely begin to fall, the bank said. Chile is the world's largest copper producer, and mining exports represent about 20% of the country's GDP.
The central bank expects copper prices to average $2.95 a pound this year, below the $3.23 the metal fetched last year.
The trade balance surplus will total $16.4 billion this year, well below the $24.5 billion surplus posted in 2007, as a result decelerating exports, the bank said.
Amid slower exports, the current account will post a deficit of 0.5% of GDP, versus a 3.8% of GDP surplus in 2007.
Source: fxstreet.com[12]
[edit] External References
- ↑ http://www.infomine.com/companies-properties/infodbweb/ChargePropertySummary.asp?SearchID=24609
- ↑ http://www.mindat.org/loc-39275.html
- ↑ http://www.prnewswire.co.uk/cgi/news/release?id=38669
- ↑ http://www.prnewswire.co.uk/cgi/news/release?id=38669
- ↑ http://www.mindat.org/loc-39275.html
- ↑ http://www.infomine.com/companies-properties/infodbweb/ChargePropertySummary.asp?SearchID=24609
- ↑ http://www.jogmec.go.jp/mric_web/koenkai/070228/breifing_070228_3.pdf
- ↑ http://goliath.ecnext.com/coms2/gi_0199-6475173/Freeport-McMoRan-Copper-Gold-Inc.html
- ↑ http://findarticles.com/p/articles/mi_qa5382/is_200706/ai_n21291161
- ↑ http://www.infomine.com/companies-properties/infodbweb/ChargePropertySummary.asp?SearchID=24609
- ↑ http://www.haver.com/comment/070523x.htm
- ↑ http://www.freshplaza.com/news_detail.asp?id=14652
