2023-04-18 09:49:16 ET
Chile's environmental ministry said Monday a committee of government ministers approved an environmental permit for a $3B extension of Anglo American's ( OTCQX:AAUKF ) ( OTCQX:NGLOY ) Los Bronces copper project in the Andes Mountains.
The extension seeks to sustain production levels and extend the mine's life through to 2036.
The ministry said the committee approved the permit on the grounds of a series of "demanding" environmental conditions proposed by the company.
Chile's Environmental Assessment Service initially rejected the project on concerns over the mine's long-term impact on a nearby glacier, as well as on the area's water supply.
Seeing Anglo American ( OTCQX:AAUKF ) ( OTCQX:NGLOY ) as the "high beta play on China reopening," Barclays recently upgraded the stock to Overweight .
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Anglo American's Los Bronces project wins Chilean environmental permit