Anglo American has abandoned its exploration-stage Michiquillay copper project in Peru through a local subsidiary, according to officials. The announcement ended a 2007 privatization deal, returning the asset to Activos Mineros S.A.C.

“While Michiquillay represents an attractive deposit, we reduced capital to prioritize greatest value,” said Duncan Wanblad, CEO of Anglo’s base metals and minerals business. The project was operated by 100% owned unit Anglo American Michiquillay S.A.