Anglo American announced in late July it will proceed with development of its 60% owned Quellaveco copper project in the Moquegua region of southern Peru. The project has an expected capital cost of $5 billion to $5.3 billion and will be funded 60% by Anglo American and 40% by its partner, Mitsubishi, with Mitsubishi pre-funding the first $500 million of Anglo American’s share of capital expenditures.
First production of copper from the project is planned for 2022, ramping up to full production in 2023. During the first 10 years of full production, the mine is expected to produce about 300,000 metric tons per year (mt/y) of copper at a cash cost of $1.05/lb.
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