POST Online Media Lite Edition


Anglo American’s Quellaveco in Peru is UK's largest investment

Staff Writer |
Anglo American this week announced the approval of its Quellaveco project, a world-class copper project in Peru.

Article continues below

This announcement represents the UK’s largest investment ever in Peru, highlighting the UK’s long-standing commitment to the country. The investment will reach up to $5.3bn, making the UK the largest foreign direct investor in the country.

The development phase of the project has an expected capital cost of $5to $5.3 billion and will be funded on an attributable basis: 60% by Anglo American and 40% by Mitsubishi.

First production of copper is expected in 2022, ramping up to full production in 2023.

The support of local communities is the result of an innovative 18-month consultation with local authorities and community representatives from the Moquegua region.

Through this ‘dialogue table’, Anglo American agreed 26 detailed and specific long-term commitments relating to water management, environmental protection and social investment.

For example, by ensuring that the water required by the operation is drawn mainly from a river whose water is naturally unfit for human or agricultural use and additionally by collecting excess rainfall and sharing it with the communities, Anglo American is delivering on its promise of a positive water impact for local people and their livelihoods.

What to read next

Anglo American to sell Norte copper business for $300 million
Anglo American sells stake in Australian coal mine
Anglo American suspending dividend payments, enters radical restructuring