Lift for Anglo and Xstrata

MINERS Anglo American and Xstrata got a boost from their jointly-owned copper mine in Chile yesterday, as they announced that the project’s reserves had been hiked by almost a fifth.

The blue chip miners, which each hold 44 per cent, said that Collahuasi had 19 per cent more copper reserves than previously thought, at more than 9bn tonnes.

Reserves of total contained copper metal increased by 23 per cent to around 73m tonnes.

Collahuasi, which produced 284,000 tonnes of fine copper in 2012, is also owned by a Japanese consortium headed by Mitsui.