Major new greenfield copper projects that are currently at various stages of development include Antofagasta and Barrick Gold's Riko Diq in Pakistan, Barrick's Jabal Sayid in Saudi Arabia, and Xstrata's Tempakan in the Philippines.
In Mongolia, Rio Tinto
and Ivanhoe Mines are developing Oyu Tolgoi, while Rio Tinto
and BHP Billiton have their Resolution Copper project in Arizona.
In Chile, Antofagasta gave the go-ahead in December for the development of Antucoya at a cost of $1.3 billion and sold a 30% stake in the project to Marubeni-with whom it is already in partnership at its Los Pelambres, El Tesoro and Esperanza mines.
According to Antofagasta, Riko Diq
now has a porphyry-hosted resource of 5,900 million mt grading 0.41% copper and 0.22 g/mt gold.
A feasibility study has indicated an initial output of 190,000 mt/y of copper and 270,000 oz/y of gold from a 110,000 mt/d operation, with a $3.3-billion capex cost.