Xstrata Approves US$1.47 Billion Antapaccay Copper Project In Peru
July 07 2010 - 3:03AM
Dow Jones News
Xstrata Plc (XTA.LN) said Wednesday it has ticked off on an
investment of US$1.47 billion in the Antapaccay copper project in
Peru after wining environmental approval for the project.
The mine is slated to come into production in the second half of
2012 as the nearby Tintaya operation reaches the end of its life,
with construction to begin in the third quarter of 2010.
Xstrata said the project will see annual copper production from
Tintaya-Antapaccay rise by 60% to 160,000 metric tons and is part
of a drive by the company's copper division to increase overall
volumes by 50% by 2014 while reducing costs.
"The construction of the Antapaccay project marks the next step
in Xstrata Copper's strategy to develop its assets in southern
Peru, including the development of the world-class Las Bambas
project, into a major new copper-producing region," Xstrata Chief
Executive Mick Davis said in a statement.
- By Alex Wilson, Dow Jones Newswires: 613-9292-2094;
alex.wilson@dowjones.com
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