With a feasibility study wrapped up, Cyprus Amax Minerals (NYSE) is seeking almost US$1 billion to develop the Chilean copper project known as El Abra.
The company is seeking a loan of $US700 million to cover construction costs and an additional US$299 million to complete project financing, Metals Bulletin of London reports.
Cyprus has a 51% interest in the 225,000-tonne-per-year project. Its partner is state-owned copper producer Codelco.
Cyprus is hoping to begin construction early this year. Initial leaching would begin in February, 1997, with the first cathode shipment set for April of that year. The full production rate of 225,000 tonnes per year would be reached in July, 1997.
Ore from an oxide zone will be treated by solvent extraction-electrowinning (SX-EW). A deeper sulphide zone may provide additional ore later in the mine’s life.
Meanwhile, at its Cerro Verde copper mine in Peru, Cyprus is investigating an expansion of the operation, which would see the SX-EW capacity increased to 48 million lb. (21.6 million kg) per year.
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