Teck Resources Limited (NYSE:TCK) said it has launched commercial copper production at its Carmen de Andacollo project in Chile.
As of October 1, 2010, production results will be credited to earnings that had been capitalized during the process leading up to the commercial production launch.
Teck's senior vice president of copper, Roger Higgins, said, “We are very pleased to have achieved this milestone. Our strong ramp up performance reflects good design, fast operational learning and close cooperation between the project development and operations teams.”
The development time usually takes from 18 to 24 months, and Teck was able to accomplish it in a short 7 months.
Costs for the project came in at about $440 million.
Carmen de Andacollo has a projected mine life of close to 20 years, with an estimated annual production of 80,000 tons of copper and 55,000 ounces of gold.
Royal Gold (Nasdaq:RGLD) acquired a 75 percent stake in the gold production of the mine in 2009.
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