Andina

Quellaveco copper project, largest UK investment in Peru


17:10 | Lima, Jul. 26.

Mining firm Anglo American's announcement to develop Quellaveco copper project constitutes the largest UK investment in Peru, thus showing the European country's major commitment to the Inca nation.

Peruvian President Martin Vizcarra on Thursday announced the start of Moquegua-based Quellaveco copper project. 

Thanks to this investment of up to US$5.3 billion, the United Kingdom will become the largest foreign investor in Peru.

"Anglo American's announcement is excellent news for Peru and for our bilateral relationship," said Chargé d’Affaires at the British Embassy in Lima Colin Gray.

"I'm proud because it has been a long-term effort of several years. I congratulate everyone who worked to materialize this project, which is set to bring thousands of jobs and greater prosperity across Peru," he expressed.

The development has an expected capital cost of US$5.0 to US$5.3 billion and will be funded on an attributable basis: 60% by Anglo American and 40% by Mitsubishi.

The first production of copper is expected in 2022, ramping up to full production in 2023. 

Attractive copper deposit

According to Chief Executive of Anglo American, Mark Cutifani, Quellaveco is one of the world's largest and most attractive undeveloped copper deposits.

"After several years of extensive preparatory work, we are very pleased to develop the project together with our partner Mitsubishi. We are grateful for the strong support we have gained from nearby communities and at the national level," Cutifani stated.

He also said, "Quellaveco should bring very significant opportunities and sustainable benefits to the lives of those we employ, our business partners, the surrounding region (Moquegua), and Peru as a whole, for decades to come."

(END) MMG/RMB/MVB

Published: 7/26/2018
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