Cerro Verde approves Cerro Negro Norte, Sur development

Peru's Cerro Verde copper mine has approved the development of the Cerro Negro Norte and Cerro Negro Sur deposits that will allow the mine to extend its life until at least 2018, according to a company statement to Peru's securities regulator Conasev.
Cerro Verde, 53.7% controlled by US company Freeport McMoRan Copper & Gold (NYSE: FCX), previously estimated investment at US$3.27mn to bring the Cerro Negro oxide open pit into production.

The company plans to mine Cerro Negro's 72.7Mt of copper oxide resources at a rate of 27,000t/d. It will process some 4.78Mt/y of high-grade "crush leach" material and 3.30Mt/y of run-of-mine using existing primary crushing and heap leach installations.

An FCX representative was not immediately available to provide further details on the project.

Japan's Sumitomo has 21% of Cerro Verde, Peru's Buenaventura (NYSE: BVN) 18.2% and minority shareholders, including mine employees, the remaining 7.2%.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: October 16, 2007

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