Anglo American (LON: AAL) said on Tuesday a Chilean environmental regulator had formally rejected the company’s application for a $3 billion expansion of its flagship Los Bronces copper mine.
The 377-page decision follows last week’s recommendation by the same office, the Environmental Assessment Service of Chile (SEA), to deny the permit due to lack of information on the potential risk to public health.
“Anglo American is examining the details of the [decision] and expects to continue following the regulated permitting process in Chile, which includes the potential to request a review by a minister’s committee to evaluate the full breadth of merits of the project,” it said in a statement.
The asset, one of Anglo American’s two largest copper operations, has been mined for over 150 years and is running out of high-grade ore. The Los Bronces Integrated Project (LBIP) would allow the company to tap higher grade ores from a new underground section of the mine, extending its life through 2036.
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