Xstrata Copper announces significant increase to Collahuasi Mineral Resources

Source : La Société - Actualité publiée le 28/01/08 à 11:27

Xstrata Copper announces a 28% increase in the total estimated Mineral Resource at the Collahuasi copper mine in Chile, one of the world's largest copper deposits. Additional resources have been defined as a result of a successful drilling programme in 2007 and represent the equivalent of an additional 11 million tonnes of contained copper metal.

"The impressive results of last year's exploration programme are a credit to the Collahuasi management team and confirm Collahuasi's position as one of the world's great copper deposits, with enormous potential to expand its resource base further," said Xstrata Copper Chief Executive Charlie Sartain.

"This significant increase in resources clearly supports the business strategy approved and announced by the shareholders last year to more than double annual production to over 1 million tonnes of copper progressively over the coming years," he said.

The upgraded Mineral Resource of 5.19 billion tonnes at an average grade of 0.83% copper includes for the first time 746 million tonnes at a grade of 1.06% from the Rosario Oeste deposit. This compares to the previous Mineral Resource of 4.05 billion tonnes at an average grade of 0.80% copper as of 31 December 2006.

The Mineral Resource includes Ore Reserves of 2.20 billion tonnes at a grade of 0.82% copper, a 25% increase in tonnage from Ore Reserves of 1.76 billion tonnes at 0.89% copper at 31 December 2006.