CAP's Cerro Negro Norte iron ore project attains environmental approval

Wednesday, October 7, 2009

Environmental regulators in Chile have approved local integrated iron and steel group CAP's Cerro Negro Norte iron ore project in region III, the company reported in a statement.

The US$500mn project is the second phase of the Hierro Atacama project. The first phase involves a magnetite plant that will extract iron ore from tailings generated by US company Freeport McMoRan Copper & Gold's (NYSE: FCX) Candelaria copper mine.

The project is estimated to produce 4Mt/y in iron concentrate, most of which is expected to be sold in Asian markets.

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CAP is Chile's largest iron ore producer and is also the country's largest supplier of steel.