Anglo American is facing setbacks regarding its Los Bronces project permits in Chile announced the company on Monday.
Anglo American is conducting an environmental study for its Los Bronces Integrated Project.
Anglo American’s Los Bronces Integrated Project began in 2019 and is a mine life extension project that expands the current open pit at Los Bronces and substitutes future lower quality ore with higher-grade ore from a new underground section of the mine.
The proposal makes use of the mine’s existing processing facilities, improves water efficiency, and eliminates the need for new water or tailings storage.
Anglo American’s Los Bronces Integrated Project is an investment in the future of one of Chile’s largest copper mines, and it is an example of modern mining where a wide range of sustainability concerns have been consulted on and built in from the start.
Anglo American has taken note of the Environmental Assessment Service of Chile’s (SEA) recommendation to reject the Los Bronces Integrated Project’s permit application.
The SEA has determined that Los Bronces Integrated Project complies with all applicable environmental regulations but it has issued an unfavourable recommendation based on an alleged lack of information provided throughout the evaluation process to entirely dispel any questions regarding a potential public health risk according to Anglo American.
The SEA’s recommendation has taken into consideration the substantial support for the project from 23 of the 25 technical services agencies and government ministries involved in the assessment process.
The organisation is likely to decide on the LBIP permission application within the next week said Anglo American.
The SEA’s declaration that the Los Bronces Integrated Project meets all of the required environmental regulatory criteria is welcomed by Anglo American.
Anglo American further believes that all relevant information was provided throughout the evaluation process and that this information was properly disseminated at every given chance within the regulated permitting process, including formal meetings and written submissions.
Anglo American’s Los Bronces Integrated Project was created using 10 years of scientific research and a robust and transparent engagement process with locals and government officials.
Mitigation techniques will offset 120% of the emissions generated by the project and Los Bronces’ current operations during development and operation, resulting in improved local air quality.
As a result, a project has been designed to safeguard the local ecosystem while causing no harm to biodiversity or neighbouring protected areas or glaciers by the group.
In the case that the SEA issues a negative decision, the permitting process provides for a second look at the project’s broad range of merits as well as technical permitting factors.
Anglo American is dedicated to following the existing process and is working with Chilean authorities to show that all potential impacts have been adequately mitigated and that the project has received approval.
The current copper production forecast for 2022 and 2023 remains unchanged whilst water availability and the continued effects of Covid-19 are still factors in production planning for Anglo American’s Los Bronces Integrated Project.
Anglo American shares fell 6.5% to 3,233p after the disappointing news from SEA on the Los Bronces Integrated Project.