Antofagasta to Invest in Centinela Expansion Project

SEATTLE (Scrap Monster): Antofagasta plc announced that it has approved the construction of the Centinela Second Concentrator Project, after a thorough review. The critical path works will begin immediately. The full construction is expected to commence after execution of the definitive project finance documents in Q1 next year.

The project cost is estimated at around $4.4 billion, basedon advanced detailed engineering. It will be financed through a combination of direct funding from Centinela’s shareholders and project finance provided by lenders. The company foresees a three-year construction schedule with first production expected by 2027.

Centinela Second Concentrator to produce an additional 170,000 tonnes of copper equivalent tonnes per annum. This comprises of 144,000 tonnes of copper production, 130,000 ounces of gold production and 3,500 tonnes of molybdenum production over the 36-year mine life, said the company press release.

Commenting on the development, Ivan Arriagada, CEO, Antofagasta said that the Centinela Second Concentrator Project is a key element of the company’s profitable growth strategy. It will reduce net cash costs and unlock significant value in Centinela District’s 2 billion tonne ore reserve. This brownfield expansion project is expected to deliver attractive returns, he added.

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