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Glencore (OTCPK: GLCNF) (OTCPK: GLNCY) plans to spend $1.5 billion on an expansion project at its Antapaccay copper mine in Peru, up from $590 million previously announced, Reuters reported Tuesday, in a bid to unlock the key to the stalled plan. to maintain copper production.
antabacay Managing Director Carlos Cotera told Reuters that Glencore (OTCPK: GLCNF) (OTCPK: GLNCY) The unit has been pushing the “Coroccohuayco” project which aims to extend the life of the mine until “at least” 2045-50.
Cotera said annual production at Antapaccay has been steadily declining as the quality of ore grades has declined, from ~221,000 metric tons in 2016 to ~150,000 tons now, making the expansion project significant.
“We are confident that for at least the first 10 years of Coroccohuayco’s operation, copper production will be around 250,000 tons of copper per year,” said Cotera, adding that the miner is now studying Coroccohuayco’s pre-feasibility study and expects approval in H2 2024 before moving on. For a complete feasibility study.
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