Aker Kvaerner completed a pre-feasibility study for the project in November 2002. The scope of the new study includes crushing, agglomeration, heap leaching, fines agitated leaching and solvent extraction-electrowinning (SX-EW) facilities for processing 6 - 7 million tonnes per year of ore to produce a target of 45,000 tonnes per year of cathode copper. The scope of the feasibility study also includes the infrastructure necessary to support the projected operations.

The feasibility study is being performed in Aker Kvaerner's Santiago, Chile office. The main contracts for execution of the project will be tendered separately later.

"We are very pleased to be involved in CVRD's programs to expand into the non-ferrous minerals market, said Jim McGrath, President of Aker Kvaerner's global Metals business. "Aker Kvaerner is also acting as Owner's Engineer for development of the Sossego copper sulphide project, owned by a subsidiary of CVRD."

The Aker Kvaerner entity Kvaerner E&C, a division of Kvaerner US Inc., is executing the work.

Aker Kværner ASA is through its subsidiaries and affiliates "Aker Kvaerner" a leading global provider of engineering and construction services, technology products and integrated solutions. Group activities span a number of industries, including Oil and gas upstream and downstream, Process, Pharmaceuticals, Metals, Power, Chemical Pulping, Environmental and Shipbuilding. Aker Kvaerner is a multi-local group of businesses with nearly USD 6 billion of annual revenues and around 30 000 employees in more than 30 countries. The Aker Kvaerner group consists of many legally independent entities, constituting their own separate identities. Aker Kvaerner is used as the common brand or trademark for most of these entities.

"This press release may include forward-looking information or statements and is subject to our diclaimer, see our web-pages www.akerkvaerner.com"