Xstrata Copper confirms $5.2bn estimate for Peru project
JOHANNESBURG (miningweekly.com) – The copper division of diversified miner Xstrata on Friday confirmed the definitive estimate of its Las Bambas greenfield project, in southern Peru, at $5.2-billion.
The copper producer said the project was now in full construction phase and set to produce 400 000 t/y of copper from 2015.
The group, which aimed to produce copper at competitive capital intensity from three openpit mines for the next 20 years, aimed to commission the project at the end of 2014, Xstrata Copper CEO Charlie Sartain said in a statement.
The group noted that over 90% of engineering works and 80% of procurement and contracts for the project had been completed, while construction on the main project site, the procurement of major process plant equipment and the resettlement townsite of Nueva Fuerabamba advanced.
By December, almost 65% of the project's construction capital cost had been committed.
“Las Bambas represents the next major stage in Xstrata Copper's Peruvian development plans that will result in combined annual production levels in the country of around 700 000 t of high-margin copper from 2015,” said Sartain.
Xstrata successfully commissioned the $1.5-billion Peru-based Antapaccay mine and completed a major plant expansion at its Antamina joint venture, also in Peru.
The copper-mining company achieved output of 60 000 t/d through the concentrator at Antapaccay and expected to ramp up to design capacity of 70 000 t/d during the first half of the year.
Output from Antamina had reached 130 000 t/d since the plant was commissioned in March 2012.
“Las Bambas will benefit from synergies and the experience derived from our Antapaccay project development and operations," he commented.
Almost 14 000 people were employed on the project in construction and operational roles, with 100% of unskilled labour positions being filled from local communities, the company stated.
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