ME home
 
  SME FaceBook SME Twitter SME LinkedIn RSS Feed

Subscriber or
SME Member Log On

WEB-ONLY CONTENT

Go to SME eNEWS

MINING INDUSTRY EVENTS

Al Azhar‚Äôs 14th International Conference on: Engin  - Conference
Dec 12, 2017 - Dec 14, 2017
WM2E 2017 Energy Tech Expo  - Exhibit
Dec 14, 2017 - Dec 16, 2017
George Fox Conference  - Conference
Jan 24, 2018
2018 SME Annual Conference & Expo  - Conference
Feb 25, 2018 - Feb 28, 2018

METAL PRICES


Au
Ag
Pt
Pd
Ni
Cu
Al
Pb

AGGREGATES
AND MINERALS
MARKETPLACE


http://aggregatesmineralsmarketplace.com
The Mining Engineering, SME and NSSGA
Online Buyers Directory Site
The Online Global Mining and Minerals Library Site

Sierra Gorda Mine launched at a cost of $4.16 billion
August 4, 2014

KGHM announced that it will begin production at its Sierra Gorda gold mine in Chile, one of the world’s largest copper projects in the world, at a total cost of $4.16 billion.

“Today I can say that the cost of launching (production at Sierra Gorda) amounted to $4.156 billion,” KGHM Chief Executive Officer Herbert Wirth told a news conference.

The cost of getting production underway at Sierra Gorda has been over a third more than Poland’s KGHM expected when it bought the project as part a C$3 billion ($2.8 billion) purchase of Canada's Quadra FNX, now named KGHM International, Reuters reported.

That deal allowed it to book the world's fourth-largest copper deposits.

The state-controlled miner launched production at Sierra Gorda last week. Its target for annual production is 220 kt of copper, 25 million lbs of molybdenum and 64,000 oz of gold.

The Polish miner controls 55 percent of the Chilean project, while Japanese partner Sumitomo holds the rest.

To finance its investment plans, pegged at a company-wide total of 4.3 billion zlotys ($1.4 billion) this year alone, KGHM signed a five-year revolving credit deal worth $2.5 billion with a group of lenders earlier this month.
 

Related article search:
 KGHM    Copper    Chile    Sierra Gorda