Fruta del Norte and Lobo-Marte
- At our Fruta del Norte (FDN) project in Ecuador, we made progress in a number of key areas in 2012 negotiating the terms and conditions of exploitation and investment protection agreements with the government.
- In parallel with these negotiations, we are advancing project optimization studies and exploring alternative processing solutions to reduce capital expenditures, reduce execution risk, and improve overall project economics at FDN.
- Given priorities for capital allocation, we have extended the timeline for Lobo-Marte in Chile. We are reviewing opportunities to optimize the project, including re-evaluating various project configurations and development scenarios.