Antofagasta Plc has secured US$2.5 billion in financing for the expansion of its Centinela copper mine, a strategic move aimed at significantly increasing copper production in line with the growth in global demand.
This effort reflects the company’s ability to add value to its portfolio through projects committed to copper production in a sustainable and responsible manner, according to CEO Ivan Arriaga.
Water for Centinela copper mine
Additionally, Antofagasta Plc has formalized an agreement that grants the Centinela copper mine the option to acquire water for its current and future operations through an international consortium. This consortium will acquire and expand Centinela’s existing water supply system to supply the new concentrator. The consortium is expected to complete its funding for this purpose before the end of the year.
As part of this agreement, Centinela will transfer its existing assets and water transportation rights for approximately US$600 million, which is expected to be received this year. The consortium will assume the construction costs and capital expenditures, estimated at US$380 million, for the expansion of the water conveyance system.
It is important to note that the second concentrator project at Centinela, whose construction was approved in December 2023 with an investment of US$4.4 billion, is scheduled to start operations in 2027. This project represents a significant step forward in Antofagasta’s efforts to increase its production capacity and contribute to the global copper market. to the global copper market. .
The expansion of the Centinela copper mine underscores the importance of copper in the global transition to renewable energy and clean technologies, demonstrating Antofagasta’s commitment to sustainable mining practices and the security of supply of critical resources.
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Source: mining.com
Photos: shutterstock
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