Quellaveco copper project, Peru
Name of the Project
Quellaveco copper project.
Location
Peru.
Client
Anglo American Quellaveco, a subsidiary of Anglo American.
Project Description
Quellaveco is one of the world’s largest and most attractive undeveloped copper orebodies.
Anglo American aims to expand the mine beyond its current 30-year reserve life and to increase throughput above the initial capacity of 127 500 t/d.
During the first ten years of full production, Quellaveco is expected to produce an estimated 300 000 t/y of copper at a cash cost of $1.05/lb of copper.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an after-tax internal rate of return of more than 15%, with a four-year payback from first production in 2022.
Value
The project has an expected capital cost of between $5-billion and $5.3-billion, and will be funded on an attributable basis – 60% by
Anglo American and 40% by Mitsubishi.
Mitsubisihi will prefund the first $500-million of Anglo American’s share of the capital expenditure.
Duration
First production of copper is expected in 2022, ramping up to full production in 2023.
Latest Developments
The development phase of the project will start following completion of the transaction, announced in June 2018, whereby Mitsubishi Corporation will increase its interest in Anglo American Quellaveco, which owns the Quellaveco project, to 40%.
Key Contracts and Suppliers
None stated.
On Budget and on Time?
Too early to state.
Contact Details for Project Information
Anglo American investor relations Paul Galloway, tel +44 20 7968 8718 or email paul.galloway@angloamerican.com.
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