Antofagasta to invest $4.4bn in Centinela expansion

Chilean copper miner Antofagasta has approved the construction of its Centinela Second Concentrator project, which will add 170 000 t/y of copper-equivalent to the company's production.

"The Centinela Second Concentrator project is a key element of our profitable growth strategy as it will add a further 170 000 copper-equivalent tonnes a year of production, with first copper expected in 2027, significantly progressing us towards our long-term ambition of 900 000 t of profitable copper production.

"Importantly, it will also reduce net cash costs and unlock significant value in the Centinela district's two-billion-tonne ore reserve. This brownfield expansion project is expected to deliver attractive returns in excess of our cost of capital at a range of commodity prices. We are leveraging more than 20 years of operational experience and understanding of Centinela's ores, utilising existing infrastructure and building on long-established relationships within our local communities," says Antofagasta CEO Iván Arriagada.