Pan Pacific Copper Company Ltd. and Mitsui & Company Ltd. (TSE:8031) provided an update on their Caserones copper-molybdenum development project, located in Chile, commenting that the project is in the final stage of construction. Copper concentrate production is expected to start in 2014.
As quoted in the press release:
1. Future Prospects
- (1) Commencement of copper concentrates production: January 2014
- (2) Initial capital expenditure to the commencement of copper concentrate production: Approximately US$4.2 billion
2. Background for the above Prospects
Impacts on construction due to the following factors, as well as measures taken to avoid further construction delays
- Difficulty due to worse bedrock conditions than anticipated.
- Shortage of construction workers and rising labor costs due to the development and expansion of large mining projects concurrently running in Chile.
- Effects of development interruption due to the labor strike for better working conditions and bad weather.