Los Pelambres is one of the largest open pit mines in Chile, located 200 kilometres northeast of Santiago. Production began in late 1999 and is now running at an average level of approximately 320,000 tonnes of payable copper in concentrate annually. Los Pelambres has an estimated mine life of just under 30 years.
The Los Pelambres initial construction budget of US $ 1.36 billion was financed on a 30% equity and 70% debt basis provided by the shareholders and by a consortia of financial institutions providing US$ 946 million project finance. At the end of 2004 the debt was refinanced and reduced to US$460 million, of which US$191 million was outstanding at 30 June 2008.
