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SANTIAGO, Sept 4 (Reuters) - Mantos Copper said on Wednesday that it had clinched $250 million in financing to extend the life of its Mantos Blancos copper mine in northern Chile.
The financing, gathered from several sources, will fund a project aimed at allowing the mine to operate through 2035, while at the same time reducing costs.
"When this project is done, we hope that the mine will produce an average of 52,000 tonnes of copper per year at an average cost of $1.87 per pound," the private equity-backed company said in a statement.
The financing comes at a difficult time for miners in world top copper producer Chile, as prices for the red metal have plummeted this year amid festering trade tensions.
(Reporting by Fabian Cambero; writing by Dave Sherwood; Editing by Rosalba O'Brien)