The group has classified three of its South American programmes as “world-class strategic growth projects”. These are the Minas-Rio iron-ore project, the Barro Alto nickel project (both in Brazil), and the Los Bronces copper expansion project, in Chile.

Minas-Rio, which Anglo American bought from Brazilian iron-ore-miner MMX in 2007, is so named because the iron-ore will be mined in Minas Gerais state and exported from Rio de Janeiro state. The acquisition of Minas-Rio and Amapá together cost Anglo American $5,5-billion.

Minas-Rio is expected to start production in the second quarter of 2012 and its first phase will have an annual production capacity of 26,5-million tons; however, planning is already under way to increase this to 80- million tons yearly by 2015. Since buying Minas-Rio, Anglo American geologists have been able to increase the resources from 1,2-billion tons in 2007 to 4,6-billion tons today, with potential for more.

The expected iron grade will be more than 68%, which will make pellets from the project top-quality products in an industry that, worldwide, is forecast to suffer from declining ore grades. The iron-ore will be conveyed in slurry form along a pipeline to the new port of Açu, construction of which is well advanced.

Barro Alto falls under Anglo American Base Metals, and is now more than 70% complete, on course for start-up in the first quarter of 2011. Anglo American acquired the mineral rights for Barro Alto in 2002 and construction started in 2007. The $1,8-billion project is expected to achieve full production in 2012 and average annual production over a 26-year life-of-mine is expected to be 36 000 t of nickel. (The mine will actually produce 41 000 t/y of nickel for each of its first five years of operation, and will boost Anglo American’s total global nickel production to 60 000 t/y in 2012).

It has the second-lowest capital density (that is, estimated capital expenditure divided by average annual nickel production) among new nickel projects. The lowest capital density is Vale’s Onça Puma at $20,4/lb, and Barro Alto is close behind, at $22,7/lb; in third place is BHP Billiton’s Raventhorpe at $27,8/lb, followed by Xstrata and SMSP’s Koniambo at $28,7/lb, Vale’s Goro ($31,9/lb) and Sherritt and partners’ Ambatovy ($34/lb).

Los Bronces comprises an operational open-pit mine, producing 236 000 t of copper and 2 600 t of molybdenum last year, with reserves of 2,4-billion tons of ore at a grade of 0,51% copper, resulting in 12,2-million tons of contained copper, giving a mine life of 30 years, plus two major prospects. The first of these is designated San Enrique Monolito, and is immediately adjacent to Los Bronces, lying south-south-east of the openpit, while the second is called Los Sulfatos and is 6 km south-south-east of Los Bronces.

San Enrique Monolito has estimated inferred resources of 900-million tons at 0,81% copper, giving 7,2-million tons of contained copper, but total resources could actually reach 3,5-billion tons at grades of between 0,65% and 0,75% copper; 56 km of exploration drilling is proposed for next year.

Los Sulfatos has estimated inferred resources of 1,2-billion tons at 1,46% copper, giving 15,5-million tons of contained copper; 22 km of exploration drilling has been completed and an 8-km exploration tunnel is being excavated, at a cost of $77-million. This tunnel is due to be completed in 2011, and thereafter some 100 000 m of drilling will be carried out, with the aim of finishing conceptual and pre-feasibility studies by the end of 2013.

But Los Bronces itself has resources in addition to its reserves. These resources amount to 4,1-billion tons at 0,39% copper, giving 16,1-million tons of contained copper.

Anglo American is currently executing a $2,4-billion expansion programme which will make Los Bronces the fifth-largest copper mine in the world. The expansion will start up in the last quarter of 2011 and achieve full production in 2012, and will see Los Bronces’ production roughly double, to 490 000 t/y of copper for the first three years, and an annual average of 415 000 t of copper over the first ten years, as well as 5 400 t/y of molybdenum.

Golden Opportunities

AngloGold Ashanti was in origin the gold-mining arm of Anglo American, but is now a completely separate and unrelated company. “South America is extremely important to us,” affirms AngloGold Ashanti public affairs manager Alan Fine. “That continent last year accounted for 11% of the gold ounces we produced.

“We have solid operations in Argentina, we have fairly major extension projects in Brazil – Brazil has the potential for significant growth – and we have made very promising discoveries in Colombia,” he explains. “In Colombia, we have made the largest find of new gold by anyone in the past ten years.

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