A subsidary of Freeport-McMoRan Copper & Gold (NYSE) will spend US$215 million on environmental modifications and further expansion of its copper smelter in Huelva, Spain.
Expansion of the smelter to 270,000 tonnes of metal production per year (about 875,000 tonnes of copper concentrate consumption) is to be completed in 1996.
The environmental modifications, now in progress, will result in the smelter’s annual capacity being expanded to 180,000 tonnes of metal production from 150,000 tonnes. These modifications plus the further expansion, to 270,000 tonnes, will be financed partly by internal cash flow. P.T. Freeport Indonesia, the Indonesian copper and gold operating subsidiary of Freeport-McMoRan, is providing the smelter with about 150,000 tonnes of concentrate this year. By 1996, the subsidiary will provide the smelter with about half its copper concentrate requirements.
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