Freeport McMoRan (NYSE:FCX) has announced a $7.5 billion expansion of its El Abra copper mine in northern Chile. Freshly-appointed CEO Kathleen Quirk made this announcement during an earnings call on Tuesday that exceeded expectations. "We're going to continue to review the economics in the context of market conditions, but believe this is a project that will be required in the future to support long-term copper demand trends," Quirk clarified to analysts on the call. El Abra, located in the Antofagasta region, is co-owned by Freeport McMoRan with a 51% stake, while the remaining 49% is held by Chilean state-run Codelco, one of the world's largest copper producers. The mine produced 98,400 metric tons of copper last year, according to self-published reports. Now Read: Vale Invests $149M In Canadian Nickel-Copper Mine, Projects 1.5 Million Tons Output By 2025 The ...