SANTIAGO, July 23 (Reuters) - U.S. miner Freeport

McMoran ( FCX ) plans to invest around $7.5 billion to expand

its El Abra copper mine in Chile, a project expected to take

seven to eight years to develop due to permitting requirements,

CEO Kathleen Quirk said on Tuesday.

Speaking in a call with analysts after reporting second

quarter results that beat profit estimates, Quirk said Freeport

planned to submit an environmental impact statement by the end

of next year.

"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 said.

Freeport owns 51% of El Abra, with the remainder held by

Codelco, one of the world's biggest copper producers. The mine

produced 98,400 metric tons of copper last year, according to

data from state agency Cochilco.

Freeport Chairman Richard Adkerson said Codelco was "anxious

for us to move forward" and supported the company developing a

relationship with Chilean President Gabriel Boric.

He noted that Boric had proven to be supportive of the

mining industry.

"The tone is significantly changed from his initial election

period," Adkerson said.

Quirk added that Chile as well as Peru, home to Freeport's

copper and molybdenum mine Cerro Verde, were both interested in

attracting more investment in the sector.

In Chile, she said Freeport was hopeful that the government

would carry out its aim to streamline permitting for mining

projects.

The expansion at El Abra calls for a new concentrator plant,

pipelines for water requirements, and investments in

desalinization. It would yield 750 million pounds of copper and

9 million pounds of molybdenum per year, Quirk said.