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The Freeport (FCX) majority-owned Cerro Verde copper mine has had its expansion plan approved by Peru's Mining Ministry. The expansion is due to cost a cool U$4Bn (note to cost-creep watchers; that's up from the company estimate of $3.5Bn this time last year) but the benefits is impressive too; production is slated to move up for around 120kt/annum Cu to 350kt/annum. That's a lot of copper.
The other thing that's changed is that Cerro Verde will now pay a 3% royalty on its production. It was royalty exempt before. Alll that's left is to award the construction permits after the necesary EIA work, which should happen before the end of this year.