the aur factor and 2009Andacollo Mine
The Andacollo Mine, located 55 km from the port city of La Serena in north-central Chile, is an open pit mine which produces approximately 46 million pounds of very high quality cathode copper annually.
The Andacollo deposit was acquired by Aur in 1994. The mine was developed for production, which began in November 1996, at a cost of $90 million. Aur owns 63% of the mine together with partners Compañía Minera del Pacífico (27%) and ENAMI (10%).
In 2003, Andacollo’s seventh year of operation, copper production was 46.4 million pounds of LME-registered Grade A cathode copper. Andacollo has sufficient reserves to sustain cathode copper production until at least 2009. In 2004, copper production is expected to be 47.5 million pounds.
Andacollo operates in full environmental compliance with a commitment to the safety of its 435 employees and contractors.
A large, undeveloped copper deposit underlies the reserves currently being mined which could, if developed, extend mining operations for a further 15 years.