ore

“Its own copper production in Chile is declining, its capex is rising—in part due to capital-intensive, longer-term copper projects—and its relative exposure to iron ore and met coal is rising.”

Instead of shipping the ore to China, it planned to refine it in the U.K., developing an integrated operation outside of Asia.

Now, it forecasts annual throughput of 3.5 million tons of ore from the fourth year of operation, from a prior estimate of 2 million tons.

The company’s Brook Mine in Wyoming has low-grade ore, making the project, which doesn’t produce rare-earth materials yet, risky.

The shift also reflects forecast moves in prices, including a soft outlook for iron ore, Ravi says.