London listed miner Xstrata’s will aggressively expand its copper production through a mix of development of existing projects and potential new acquisitions, the head of Xstrata Copper, Charlie Sartain said.
“Our strategy is designed to rapidly establish and sustain an industry-leading portfolio of copper assets that deliver superior returns. We intend to pursue this through the optimization of our existing operations, the identification and pursuit of acquisition opportunities and development our new major copper projects,” Sartain said at a mining conference.
He said Xstrata’s copper output will potentially double to around 2 million metric tons from its existing portfolio of greenfield projects over the next few years.
The projected increase in output, starting next year, will mainly come from improved management of existing operations, Sartain said.
He said Xstrata’s development projects - Tampakan in the Philippines, Frieda River in Papua New Guinea, El Morro in Chile, El Pachon in Argentina and Las Bambas in Peru - each had the potential to produce 150,000 to 300,000 tons of copper a year.
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