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DJMN: Peru's Cerro Verde SAA Project Seen Completed In 2010
LIMA (Dow Jones)--A project to increase production at copper mining company Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) is expected to be completed by year-end 2010, a spokesman with majority-owner Freeport McMoRan Copper & Gold said on Tuesday.
The project, aimed at optimizing throughput at the existing Cerro Verde concentrator operations, is expected to increase mill throughput to 120,000 metric tons per day from 108,000 metric tons of ore per day.
The company says this will result in "incremental annual production of approximately 30 million pounds of copper."
The capital investment is expected to total about $50 million.
Freeport McMoRan Copper & Gold is also studying the possibility of a much larger expansion at Cerro Verde.
The Cerro Verde mine is located in southern Peru near the city of Arequipa.
Compania de Minas Buenaventura SAA (BVN) and a subsidiary of Sumitomo Corp. (8053.TO) also have equity stakes in the company.
-By Robert Kozak, Dow Jones Newswires; 511-99927 7269; peru@dowjones.com
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(END) Dow Jones Newswires
November 03, 2009 15:33 ET (20:33 GMT)
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