Nelson Pizarro wants to remain at the helm of the world’s biggest copper company until he can cut the ribbon on a project to convert its flagship pit into a giant underground mine.
The search for cobalt, a key component of the battery-powered auto fleets of the future, has arrived on BMW AG’s doorstep with a discovery of an ore deposit not far from its i3 electric city car plant.
Reaching agreements with residents near the project is expected to take about a year, followed by three to build the mine, which will begin operations by 2022.
It gives the company access to 23,903 hectares of land in the country Great Dyke, which has a potential for 96 million ounces of platinum and palladium.
After six months of lobbying, companies including Glencore and Randgold Resources have got nowhere in their battle to push back against a new mining law that voids existing agreements and increases their costs.