BHP Billiton Approves Antamina Mine CapEx Share Of $434.7 Million

BHP Billiton PLC (BLT.LN), a global resources company, announced Tuesday it has approved its $434.7 million share of the capital expenditure required to expand mining and processing capacity at the Antamina copper and zinc mine in northern Peru.

MAIN FACTS:

-All four partners have approved their respective shares of the project's $1,288 million capital budget (BHP Billiton share $434.7 million).

-The expansion project will increase the site's ore processing capacity by 38% to 130,000 tonnes per day.

-Higher mineral ore reserves previously reported in combination with the expanded processing capacity will result in a mine life extension of 6 years from 2023 until 2029.

-First production from the expansion is anticipated in late 2011.

-Antamina is a joint venture between BHP Billiton (33.75%), Xstrata (XTA.LN) [33.75%], Teck Resources (TCK) [22.5%] and Mitsubishi Corporation (MSBHY) [10%].

 
 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; [phone]; [e-mail]