Anglo American slows Peru copper project construction due to national quarantine
Reuters
Published Mar 17, 2020 08:25
Anglo American slows Peru copper project construction due to national quarantine
(Reuters) - Global miner Anglo American (L:AAL) said on Tuesday it was slowing down the construction work of the Quellaveco copper project in Peru, following a 15-day national quarantine to curb the spread of the coronavirus outbreak.
The Latin American country has suspended constitutional rights including free movement and assembly as it tries to deal with the fast-spreading virus, which had infected 71 people as of Sunday.
Anglo said the work on the project will be significantly slowed, with only critical areas of the project continuing as normal.
The Quellaveco project, with an expected capital cost of $5 billion (4.08 billion pounds) to $5.3 billion, is expected to start production in 2022.
Anglo expects output of about 300,000 tonnes per year at a cash cost of $1.05 per pound of copper during the first ten years of full production at the project.
Copper accounts for nearly 20% of Anglo's annual revenue.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.