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Thursday, July 22, 2010

Freeport (NYSE:FCX) May Expand Copper Mine in Chile

Freeport McMoRan Copper & Gold Inc. (NYSE:FCX) said they are looking into the possibility of expanding the processing capacity at their El Abra mine in Chile.

Yesterday, Chief Executive Officer Richard Adkerson said they could work with their Chile partner Codelco, the state-owned copper firm, to build a new copper mill at the project.

Also concerning the El Abra mine, the company said they're going to spend about $725 million through 2015 to extend the mine's life, as there's significant resources to still access. That would add about 10 more years to the life of the mine.

Freeport owns 51 percent of El Abra, while Codelco owns the remaining 49 percent.

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