Glencore Plans To Invest $1.5 Billion In Peru Copper Mine

(MENAFN- Swissinfo) A long way from Peru: Glencore headquarters in Zug, Switzerland. © Keystone / Urs Flueeler

The mining group wants to invest significantly more money in the expansion of the Peruvian copper mine Antapaccay than previously planned, Reuters has reported.

This content was published on May 31, 2023 May 31, 2023 AWP/Reuters/dos
  • Português (pt) mineradora suíça planeja investir us$ 1,5 bi em mina de cobre no peru

Overall, the Swiss-based mining giant is planning investments of $1.5 billion (CHF1.65 billion), up from the $590 million previously mooted.

With this step, Glencore wants to advance the stalled Coroccohuayco copper project, as the mine boss in Antapaccay, Carlos Cotera, told Reuters on Monday at a presentation in Peruvian capital Lima.

The goal is also to extend the life of the mine by decades, at least until 2045.

+ in-depth: glencore faces increasing pushback in peruexternal link

In the past, there had been protests by the local indigenous population against the project. There have also been questions about the quality of ore at the mine. Cotera further said that copper production has fallen steadily at the operation: from 221,000 tons in 2016 to around 150,000 tons a year now.

In the future, thanks to the Coroccohuayco project, copper mining is expected to rise again to 250,000 tons, Glencore hopes. The background to expansion plans in Peru is the increasing global demand for copper, notably spurred by growing sales of electric cars.

Peru is the second-largest global source of copper after neighbour Chile.



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