Copper
Overview
Our copper business has interests in six operations in Chile. These operations comprise the wholly owned Los Bronces, El Soldado, Mantos Blancos and Mantoverde mines, the Chagres smelter and a 44% interest in the Collahuasi mine.
Share of Group operating profit (2009): 41%
Share of Group net operating assets (2009): 12%
Our strategy for our copper business is to find or acquire, develop and operate long life, low cost mines in a socially and environmentally responsible manner.
In Chile we have interests in six copper operations. These operations consist of the wholly owned Los Bronces, El Soldado, Mantos Blancos and Mantoverde mines, the Chagres smelter and a 44% interest in the Collahuasi mine. The mines also produce associated by-products such as molybdenum and silver.
We also have controlling interests in the Quellaveco and Michiquillay copper projects in Peru and a 50% interest in the Pebble project in Alaska.
Significant future growth will come from approved expansions at Los Bronces, while studies are at an advanced stage into further growth potential at Quellaveco in Peru and Collahuasi in Chile.
We continue to evaluate the potential and development options for the resources acquired in 2007 at Michiquillay in Peru and Pebble in Alaska.
In August 2009, we announced the discoveries of two high-quality copper prospects at Los Sulfatos and San Enrique Monolito in Chile. Both of these provide further significant development options around the current Los Bronces operation.
Our copper business in China
In recent years we have exported large quantities of copper to China to support its rapidly industrialising economy.