Andina

Peru President announces start of Quellaveco mining project

11:00 | Lima, Jul. 26.

Peruvian President Martin Vizcarra on Thursday announced the start of Moquegua-based Quellaveco copper project —to be operated by Anglo American-Mitsubishi consortium— as a tool to invigorate the country's economy.

According to the Head of State, the project —which demands an investment of US$5.3 billion— will produce about 300,000 tons of copper per year, in the first 10 years of operation, and create nearly 10,000 direct jobs.

In a ceremony at the Government Palace, Vizcarra explained that employment figures will increase with indirect jobs generated over the course of the project.


"Quellaveco will be a great project with a revitalizing effect on our country's economy," said the statesman, noting the benefits will be felt not only in Moquegua's area of influence but across the southern macro-region and the rest of the country.

He went on to say Quellaveco will be socially and environmentally responsible, in accordance with the high standards set in Peru.

"That is what this is all about: making investments and developing mining as an activity that goes hand in hand with other economic activities like agriculture, agroindustry, and tourism," the President added.

Recovery

Therefore, he continued, Quellaveco will have a very positive impact and, along with other mining projects like Toromocho, will lead to a strong recovery of mining investments in Peru.

This is coupled with public investments, which —he said— suggest economic rebound is already a reality this year.

(END) MVF/RMB/MVB

Published: 7/26/2018