Esperanza of Chile to Start First Copper Ore Shipment, Marubeni

Marubeni Corporation, Japanese major general trader, explained Esperanza copper mine in Chile will start commercial production soon and deliver the first ore to Japan within this month. Marubeni holds 30% shares in the mine. Esperanza mine will enter commercial production at 200,000 tonnes per year as originally planned, whose development started in 2008. The mine is expected to reach full output for January-March 2011. Marubeni’s copper ore equity will increase by 60,000 tonnes per year. Marubeni’s total copper ore equity will almost double to 125,000 tonnes per year.

Esperanza mine is now in test operation. Ore slurry will be delivered to a quay next week. The first ore shipment is expected to depart from Antofagasta port.

The mine’s production is scheduled to enter full volume for January-March 2011 and the annual output is expected to approach 200,000 tonnes. Marubeni’s profit is forecasted to increase largely in fiscal 2011 ending in March 2012 due to the additional copper ore equity. By-product output including gold at 230,000 ounce per year and silver at 1.6 million ounce per year will also contribute to Marubeni’s profit growth.