SEATTLE (Scrap Monster): Glencore plc announced plans to invest $1.5 billion on an expansion project at its Antapaccay copper mine in Peru. This is significantly higher than the earlier announced investment of $590 million. The boosted investment will help maintain the output from the mine.
Carlos Cotera, general manager of Antapaccay Mining Co. noted that the Glencore unit has been pushing forward the “Coroccohuayco” project, which targets to extend the mine’s lifespan by several decades. The project is expected to expand the life of the mine until at least 2045 or 2050. The dip in quality of ore grades had stalled production from the mine during recent years, he noted.
Antapaccay Mining Co. is reportedly examining Coroccohuayco’s “pre-feasibility study”. It expects approval in H2 2024, after which it plans to go ahead with a full feasibility study. It must be noted that the expansion project has been delayed on account of social unrest in the region
The production at Antapaccay copper mine had dropped significantly to around 150,000 tonnes, when compared to the production of 221,000 tonnes in 2016. The expansion project will lift the production to levels of around 250,000 tonnes for at least the first 10 years of Coroccohuayco’s operation, Cotera said.
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