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:: Teck Announces Expansion at Antamina Mine
Teck Resources Limited have announced that a major expansion at the Antamina mine in Peru is expected to increase ore throughput by approximately 38% to 130,000 tonnes per day, and annual production of copper and zinc by approximately 30% on completion in late 2011. Teck owns a 22.5% interest in Compania Minera Antamina, which owns the mine.
CMA will invest US$1,288 million to expand its mining and processing facilities. The expansion project cost will be funded out of cash flow and borrowings by CMA. Teck expects its share of CMA distributions to be reduced by no more than approximately US$100 million in total during 2010 and 2011 as construction progresses. Teck's share of operating profit after depreciation from Antamina for the last 12 months to September 30th, 2009 was C$231 million.
Ore reserves at Antamina were increased by approximately 75% in 2008. The mine life is now expected to continue until 2029.
Located in the Andes mountain range, 270 kilometres north of Lima Peru, Antamina is one of the world's largest copper - zinc mines.
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