Xstrata lifts cost estimate for Frieda River copper mine by US$300m

Global miner Xstrata has lifted its initial capital spending estimate for the undeveloped Frieda River copper mine in Papua New Guinea by US$300 million to US$5.6 billion, a minority partner in the project said on Monday.

A number of new mining projects in Papua New Guinea and neighbouring Australia have needed to rethink costs during or before construction begins, given unfavourable currency movements and higher energy and labour costs.

via Business feed http://www.scmp.com/business/companies/article/1112030/xstrata-lifts-cost-estimate-frieda-river-copper-mine-us300m