Greenfield copper smelterCopper smelter investmentsInvestment are always very complex programs to plan and manage. Common challenges are related to project delivery on time and on budget. Therefore, a good understanding of the related capexCapex structure is critical for successful project implementation from the very beginning. This article tries to break down the scope of work into engineeringEngineering, civil works, building structures, mechanical and electrical equipmentEquipment, piping, cabling, and all related additional costs into their own high-level elementsElements, together with separate cost estimationCost estimation basis for each. The objective is to illustrate which ones are the main cost drivers and how geographical differences influence the outcome in terms of local salary levels. As the results show, the final figure for the budget is mostly dependent on the overall volumes of different materials, the location of the constructionConstruction site, and the control over the implementation schedule, rather than the main smelting technologySmelting technology selection or even smelterSmelter capacity. The paper is based on the experiences of Metso on various smelterSmelter projects around the globe.