Edition:
United Kingdom

Anglo American Approves Quellaveco Copper Project For Development


Thursday, 26 Jul 2018 

July 26 (Reuters) - Anglo American PLC ::ANGLO AMERICAN APPROVES QUELLAVECO COPPER PROJECT FOR DEVELOPMENT.BOARD HAS APPROVED DEVELOPMENT OF WORLD-CLASS QUELLAVECO COPPER PROJECT IN PERU..EXPECT QUELLAVECO TO GENERATE REAL, POST TAX IRR OF GREATER THAN 15%, WITH FOUR-YEAR PAYBACK AND AN EBITDA MARGIN OF MORE THAN 50%.QUELLAVECO DEVELOPMENT HAS EXPECTED CAPITAL COST OF $5.0 TO 5.3 BILLION, BE FUNDED ON ATTRIBUTABLE BASIS: 60% BY CO, 40% BY MITSUBISHI.QUELLAVECO FIRST PRODUCTION OF COPPER IS EXPECTED IN 2022, RAMPING UP TO FULL PRODUCTION IN 2023.DURING FIRST 10 YRS OF FULL PRODUCTION QUELLAVECO IS EXPECTED TO PRODUCE APPROXIMATELY 300,000 T/YEAR AT CASH COST OF $1.05 PER POUND OF COPPER.