KGHM spent $4 bln on Sierra Gorda mine

WSE-listed copper and silver giant KGHM has spent $4.156 billion on the launch of its Sierra Gorda mine in Chile, company’s CEO Hebert With said. KGHM initially earmarked $2.9 billion for the project. Sierra Gorda’s annual output should reach 120,000 metric tons of copper, 50 million pounds of molybdenum and 60,000 ounces of gold, the firm said. Sierra Gorda's mine life is now estimated at 23 years - up from 20 years mentioned in last week's statement - thanks to a 15 percent rise in available reserves to 1.46 million tons, KGHM's business development manager Maciej Koński said.