Exciting new Chilean copper prospects will boost resources
Anglo American’s two new Chilean prospects will increase our copper resources (excluding reserves) by nearly 50%.
Exploration camp Los Sulfatos project, Chile
Anglo American’s delivery is focused on high quality growth in the most attractive commodities, including copper, and the announcement of the prospects was therefore particularly timely during a challenging period for the market environment.
The two significant and high quality prospects are close to Anglo American’s existing Los Bronces copper operation in Chile, at Los Sulfatos and San Enrique Monolito, and together have an Inferred Resource of 2.1 billion tonnes.
This area is developing into one of the largest known concentrations of copper mineralisation in the world.
The San Enrique Monolito porphyry copper prospect is immediately adjacent to Los Bronces while the Los Sulfatos porphyry copper and breccia complex is located approximately 6km south of the mine.
Results of recent exploration drilling at Los Sulfatos demonstrate the existence of a world class copper deposit, while at San Enrique Monolito exploration has been ongoing since 2005. A recent scoping exercise there has pointed to the viability of deeper parts of the mineralisation than previously thought.
As with all Anglo American operations, environmental considerations are central to any future deevlopment. The Los Sulfatos prospect sits within and under high mountain ridges at altitudes between 4,000 and 4,500 metres. Duncan Wanblad, Anglo American’s chief executive of Copper Operations said: “We recognise the environmentally challenging and sensitive location of the Los Sulfatos project and will be working with the regulatory authorities and other stakeholders to achieve high standards of environmental stewardship during all phases of project development.”
In order to delineate the Los Sulfatos deposit more efficiently and safely, Anglo American is developing an exploration tunnel from which to drill. This will cost approximately $60 million and will be excavated by a tunnel boring machine which is currently being assembled on site. The excavation of the tunnel is expected to take two years.
Brian Beamish, chief executive of Base Metals, said: “Anglo American has a proud heritage of building and operating safe, modern mines in Chile. These two prospects provide us with further significant and high quality development options around our world class Los Bronces mine.”
