Three New Porphyry Copper Mines For Chile?

For the first time in several years, Chile is again opening its doors to foreign investment. In its new investment code, the Chilean government has announced its willingness to become a partner in joint Chilean-foreign projects for a number of government-controlled porphyry copper deposits at the developed, semi-developed, or prospect stage; and, that it will allow privately owned deposits or deposits discovered by new exploration to be developed with up to 100% foreign ownership. Three deposits of particular interest are: El Abra, with at least 300 million mt of +100% Cu; Los Pelambres, with at least 428 million mt of 0.78% Cu and 0.03% Mo; and Andacollo, with 350 million mt of 0.70% Cu and 0.015% Mo. (El Abra is almost entirely government- controlled; but both Los Pelambres and Andacollo are mostly under private ownership.)