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The Los Bronces Development project was approved in November 2007 and is forecast to come into production in Q4 2011. The brownfield expansion will increase throughput from 61 ktpd to 148 ktpd, increasing average copper production in the first 10 years by around 200 ktpa (production will average 278 ktpa over the first three years), plus molybdenum and silver by-products, consolidating the operation’s low cost curve position. The project scope includes a new grinding plant connected to the main site by a 4.4 km conveyor belt, together with a 52km ore slurry pipeline to the existing Cu-Mo flotation plant at Las Tortolas. The life of mine at Los Bronces is greater than 30 years, making Los Bronces a truly world class operation.

Michiquillay was acquired in 2007 in a government privatisation. The contract agreed with the government allowed for a 12 month negotiation period with the local communities and in June of last year agreement was reached with the two communities of La Encañada and Michiquillay to advance the project. Environmental and early stage exploration work began in July, however had to be suspended in late 2009 pending resolution of issues currently under discussion with local communities. It is thought the project has the potential to produce 155 ktpa pf copper plus significant molybdenum, gold and silver by-products, with expansion potential to 300 ktpa.

The greenfield Quellaveco project is located in southern Peru at 3,500 masl. It is currently at the feasibility stage, with potential start up in 2014. Production is forecast at 225 ktpa of copper, with molybdenum and silver by-products. Once at full capacity, the operation is expected to be in the lower half of the cost curve.

Pebble is a 50:50 joint venture located in Alaska, USA. The project has the potential to be very large scale, producing up to 350 ktpa copper plus significant gold and molybdenum by-products. The operation is expected to be in the bottom half of the cost curve at full production. Work is at the pre-feasibility stage and environmental issues remain a key priority.

Total production at Collahuasi will increase to around 510 ktpa copper plus molybdenum and silver by-products. The operation is in the bottom half of the industry cost curve and has a life of mine of over 30 years.