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
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.
More why switzerland needs workers from abroad
switzerland is an attractive place to work and the country needs specialists. but work permits can be hard to come by.
Articles in this story
why switzerland needs workers from abroad
In compliance with the JTI standards
More: swi swissinfo.ch certified by the journalism trust initiative
Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at firstname.lastname@example.org . More
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.