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Anglo American PLC said Monday it is aware a Chilean regulator has recommended the miner's environmental assessment process for its Los Bronces mine be rejected.
‘The Environmental Assessment Service of Chile has confirmed that Los Bronces integrated project satisfies all relevant environmental regulation but bases its adverse recommendation on an alleged lack of information during the evaluation process to fully remove any doubts about a potential risk to public health,’ Anglo said.
Despite the negative recommendation, the miner noted ‘strong’ support for the project offered to date by 23 of the 25 technical services bodies and government ministries that form part of the assessment process.
A decision on the permit application by the SEA is expected within the next week.
‘Anglo American welcomes the SEA's confirmation that LBIP meets all the required environmental regulatory criteria,’ it continued. ‘Anglo American also firmly believes that all appropriate information has been provided throughout the evaluation process, and that this information has been appropriately socialised at every available opportunity within the regulated permitting process, including through formal meetings and via written submissions.’
If the permit is rejected, Anglo stressed the process ‘allows for further review’.
‘Anglo American is committed to following the established process and is working with the Chilean authorities to demonstrate that all potential impacts have been fully mitigated and to secure approval for the project,’ it added.
Regardless of the outcome, Anglo has kept its current copper production guidance for 2022 and 2023 unchanged.
Shares in Anglo American were down 6.5% in London on Monday morning at 3,236.97 pence and down 7.9% in Johannesburg to R 647.98. Shares in diversified miners were struggling in early trade as China upped its Covid restrictions, leading to worries of suppressed metals demand.
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