Compañía de Acero del Pacífico (CAP), the largest Chilean steel and iron ore producer, intends to resume the implementation of its iron mining projects, which were postponed due to the global financial crisis.
Accordingly, CAP plans to complete the production expansion projects at its Los Colorados iron mine and at its Algarrobo and Cerro Negro deposits. The projects for 2010 and the following years for CAP's iron ore mining division are to be defined soon, and will continue the company's growth endeavors.
The implementation of the production expansion projects will in the coming years allow CAP to increase its iron output from the current level of about 8.5 million mt per year to 15 million mt.
In January-September this year, as a result of lower prices for its products and less steel output, CAP reported a net loss of $52.5 million compared to a net profit of $269 million for the same period last year.