Xstrata plans to lift Copper, Iron Ore mining in Australia
PERTH (Scrap Monster): Global miner Xstrata will boost copper production in Australia by 140,000 tonnes over the next five years from a new mine, which will also yield more than a half-million tonnes of iron ore, said the company.
The tonnages will come from Xstrata's Mount Margaret mine, which it acquired last year for A$175 million, and get processed for export at the company's larger Ernest Henry project in Australia's north east.
In addition to copper, Xstrata expects the Mount Margaret mine to yield 560,000 tonnes of iron ore in concentrate and 83,000 ounces of gold over the five years.
Xstrata in 2009 allocated A$589 million to upgrade its Ernest Henry copper mining project and construct an associated iron ore plant, extending the life of the operation until 2024.
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