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Glencore plans US$1.5-billion investment to expand Peru copper mine

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Carlos Cotera, general manager of Antapaccay Mining Co, said the Glencore unit was pushing forward the ‘Coroccohuayco’ project, which aims to extend the mine’s lifespan by decades

Mining giant Glencore Plc plans to invest $1.5-billion on an expansion project at its Antapaccay mine in Peru, up from $590-million announced previously, a company executive said, in a bid to unlock the stalled plan key to maintaining copper output.

“The Coroccohuayco project means expanding the life of the mine until at least 2045 or 2050, that’s our forecast,” Cotera said on Monday evening on the sidelines of a mining forum in Lima. “We estimate the investment will exceed $1.5-billion.” Cotera said annual production at Antapaccay, one of Peru’s largest copper mines, has fallen steadily from 221,000 tonnes in 2016 to around 150,000 tonnes now, making the expansion project important.

The project has been delayed by social unrest in the province where the mine is located. In September 2022, residents of Espinar opposing the expansion project blocked part of an Andes mining corridor for a few days.

 

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