Anglo American has passed another hurdle to begin the next phase of its Los Bronces Integrated Project (LBIP) at a time copper is in hot demand in the green transition.
Benchmark copper on the London Metal Exchange (LME) was up 0.1% at $8971 (R163 098) a ton yesterday.
In intraday trade Anglo American’s share price was up 62808, 2.73%, at R628.08.
G7 ministers meeting in Japan at the weekend agreed agreed to speed up renewable energy development and move toward a quicker phase-out of fossil fuels and plastics by 2050 at the latest.
Anglo American said yesterday that it welcomed the decision in Chile by the Committee of Ministers to approve the environmental permit application for the LBIP, setting up the next phase of development for one of the world’s largest copper mines.
LBIP is a multibillion dollar project to develop the next phase of the existing open pit within Los Bronces’ operating site and replace future lower-grade ore by accessing higher-grade ore from a new underground section of the mine.
"The project uses the mine’s existing processing facilities, optimises water efficiency, has no impact on glaciers, and requires no additional fresh water or tailings facilities," the group said.
Anglo American Base Metals CEO Ruben Fernandes said: "We welcome the decision from the Committee of Ministers in support of our ongoing investment in Los Bronces – securing the long-term future of one of the world’s largest copper mines.
"We have designed the Los Bronces Integrated Project as an example of the very best of modern mining, bringing not only investment and jobs but extensive protection for the environment and a considerable improvement in air quality for the broader region of Santiago.”
Anglo American said following the receipt of the environmental permit, it would continue to progress the project through its pre-feasibility stages toward submission for approval by the Anglo American board in due course.
The group said copper production guidance for Chile was unchanged, subject to water availability, as follows: for 2023 it was estimated to be between 530-580 tons. In 2024 copper production is estimated to be between 550 and 600 tons, while in 2025 expected to be between 530 and 580 tons.
Meanwhile, Anglo American yesterday presented its regular sustainability performance update, including progressing toward carbon-neutral operations.
Anglo American CEO Duncan Wanblad said: “Addressing climate change is an increasingly urgent challenge for all businesses. With our diversified product portfolio, we are well-placed to responsibly deliver many of the critical metals and minerals the world requires to transition to a cleaner, greener world.
"Our commitment to being part of the solution begins in our own business by meeting our carbon neutrality goals, while recognising that partnerships are vital to delivering our shared endeavour of a low carbon future," he said.
“Everyone needs to play their part, from governments and businesses to civil society and individuals. It is essential that we also support skills and jobs and help catalyse new economic activity because this transition must include all of society – it must be ‘Just’," he said.
Anglo American said it was progressing towards its ambition to become carbon neutral across its operations by 2040.
The group said its Sustainable Mining Plan committed it to support three jobs offsite for every job in its operations by 2025, increasing to five off-site jobs by 2030, with its focus on local procurement and its Collaborative Regional Development (CRD) approach played a major role.
BUSINESS REPORT