- Major copper producer First Quantum Minerals announced yesterday it has completed the previously announced transaction with Rio Tinto to progress the next phase of the La Granja project in Peru.
La Granja is located in the district of Querocoto in the northern region of Cajamarca, Peru, approximately 90 kilometres northeast of Chiclayo, at an altitude of between 2,000 and 2,800 metres. First Quantum also said it will invest up to a further $546 million in the project. Part of the initial funding will be used to complete a feasibility study over the next two to three years, after which the remaining balance of the initial funding is to be spent on construction of the project contingent on a positive investment decision.
Commenting on the transaction, CEO Tristan Pascall said that La Granja has the potential to be a “large, long-life operation” and supply the copper that will be needed as the world transitions to the greener economy.