LIMA, Jul 21, 2010 (Dow Jones Commodities News via Comtex) -- Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) is expected to increase copper production to 120,000 metric tons per day, from 108,000 tons per day, by the end of the year.
The increase will mean an annual production increase of about 30 million pounds of copper, said Freeport McMoRan Copper & Gold Inc. (FCX)--owner of a 53.56% interest in Cerro Verde--in its second-quarter results.
The project, which will optimize throughput at Cerro Verde's concentrator, will cost about $50 million, the company said in a press release published Wednesday.
Freeport McMoRan also said that, thanks to increased reserves at Cerro Verde, it is evaluating a large-scale concentrator expansion at Cerro Verde which could more than double concentrator capacity. A feasibility study should be completed in the first half of 2011.