(05-04-2024) Antofagasta Minerals, the mining arm of the Chilean Luksic group, owners of the CCU brewery among other major companies, has turned its attention to El Pachón, declaring it an attractive project and praising the measures being taken by the new Argentine government as a “favorable signal for investments”.
Iván Arraigada, CEO of Antofagasta Minerals, announced the company’s interest in entering one of the major copper mining projects in Argentina. In an interview with Diario Financiero, he stated, “In Argentina, there have been significant political changes, and we need to see to what extent these changes are being consolidated. Mining timelines are long, but the fact that there have been six months of a more favorable investment climate is a good sign for us”.
In an extensive interview with the Chilean newspaper, Arriagada stated, “The possibility of finding attractive targets in Argentina is something we will observe, and Pachón is included”. This search also extends to projects in Canada, the United States, and Peru.
Arriagada mentioned that only in Chile, the company has projects that will elevate it to among the top 10 copper world producers.
Planned investments for the next three years amount to US$7.5 billion. This includes US$4.4 billion in Nuevo Centinela; US$2 billion in Pelambres Futuro, plus normal operations to maintain activity. “With that, we would increase production from 700,000 tons, where we have been operating in recent years, to 900,000 tons”, he explained.
In addition to these expenditures, an additional US$1 billion would be allocated to extend the life of Los Pelambres, whose license extends to 2035. For this, they need a permit which they aim to apply for this year. “We expect the processing of this permit to take two years, and at the end of that, the investment will be sanctioned. Efforts are still required to obtain this life extension permit”, he noted.