Glencore Plans $1.5 Bln Financial Investment to Broaden Peru Copper Mine


By Marco Aquino

LIMA, Might 30 (Reuters) – Mining giant Glencore Plc strategies to invest $1.5 billion on a growth job at its Antapaccay mine in Peru, up from $590 million revealed formerly, a business executive stated, in a quote to open the stalled strategy secret to keeping copper output.

Carlos Cotera, basic supervisor of Antapaccay Mining Co, informed Reuters the Glencore system was pressing forward the “Coroccohuayco” job, which intends to extend the mine’s life-span by years. Over the last few years, production has actually been stalled as the quality of ore grades decreased.

” The Coroccohuayco job implies broadening the life of the mine up until a minimum of 2045 or 2050, that’s our projection,” Cotera stated on Monday night on the sidelines of a mining online forum in Lima. “We approximate the financial investment will surpass $1.5 billion.”

The electrical vehicle transformation has actually dramatically enhanced projections for international copper need in the coming years with lots of experts anticipating a supply deficit after production and financial investment has actually slowed in essential areas. Peru is the world’s No. 2 copper manufacturer, with next-door neighbor Chile No. 1.

Cotera stated yearly production at Antapaccay, among Peru’s biggest copper mines, has actually fallen gradually from 221,000 tonnes in 2016 to around 150,000 tonnes now, making the growth job crucial.

” We are positive that for a minimum of the very first ten years of Coroccohuayco’s operation copper production will be around 250,000 tonnes of copper each year,” Cotera stated.

The job has actually been postponed by social discontent in the province where the mine lies. In September 2022, locals of Espinar opposing the growth job obstructed part of an Andes mining passage for a couple of days.

Antapaccay stated at that time the strategy was “under evaluation.” The passage was likewise obstructed throughout current discontent following previous President Pedro Castillo’s ouster.

Cotera stated the company is now taking a look at Coroccohuayco’s “pre-feasibility research study” and anticipates approval in the 2nd half of 2024 prior to relocating to a complete expediency research study (Reporting by Marco Aquino; Composing by Alexander Villegas; Modifying by Adam Jourdan and David Gregorio)

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