Anglo American withdraws from Peru copper project
TORONTO (miningweekly.com) – Multinational miner Anglo American on Friday said it would withdraw from the Michiquillay copper project, in Peru, citing the current economic environment as a key driver to prioritise its capital to drive greater returns.
The LSE-listed company said it had given notice to the government of Peru to terminate the 2007 privatisation agreement, which would result in it withdrawing from the exploration-phase Michiquillay project.
Under the terms of the 2007 privatisation agreement, Anglo American Michiquillay had started the appropriate legal processes to return the project to Activos Mineros SAC.
Anglo explained that its drive to focus on specific areas and target its capital to drive greater returns meant that prospects to develop Michiquillay would be improved under different ownership.
“While Michiquillay represents an attractive copper deposit, we have made the decision to withdraw [from the project] following a comprehensive evaluation of the potential of our long-dated project options. We have reduced the capital required to sustain projects during the pre-approval phases of their development as we focus the portfolio and prioritise our capital on the projects and assets that offer the greatest source of potential value to us, over the short and long term,” Anglo’s base metals and minerals business CEO, Duncan Wanblad, said.
Anglo American was continuing to progress its Quellaveco copper project in southern Peru and was targeting submission of that project to its board in 2015.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation