Freeport McMoran eyes $7.5B expansion of El Abra copper mine in Chile (NYSE:FCX)

Freeport McMoRanNYSE: FXX) Plan for Spent about $7.5 billion to expand the copper mine in Abra A project in Chile is expected to take seven to eight years to develop due to permitting requirements, Sonnet Chief Executive Kathleen Quirk said Tuesday, according to Reuters.

In profits conference call After reporting Second quarter results Quirk said Freeport’s earnings beat earnings estimates.FXX) plans to submit an environmental impact statement by the end of 2025.

“We will continue to review the economics in the context of market conditions, but we believe this is a project that will be needed in the future to support long-term copper demand trends,” Quirk said.

Freeport (FCX) Chairman Richard Adkerson said on the call that Codelco was “eager to move forward” and that Chilean President Boric had proven his support for the mining industry, with “his tone changing dramatically from his initial election.”

Freeport-McMoRan (FCX) owns 51 percent of the El Abra mine, while Chilean state-run Codelco owns the rest. The mine produced 98,400 metric tons of copper last year, according to data from the government’s Cochelco agency.