SOCIAL LICENSE TO OPERATE
LEADERSHIP
34
A nglo American ’ s presence in Peru began over 25 years ago , when it purchased the Quellaveco copper project in the Moquegua region ; in July 2018 , the board approved the development of the project when partner Mitsubishi increased its interest to 40 % aligned with a pre-funding CAPEX commitment of $ 500mn . Quellaveco involves a substantial investment of more than $ 5bn , and will create 15,000 jobs during construction and approximately 2,500 jobs when in operation , increasing Peru ’ s copper production by a forecast 300,000 tonnes per year .
Since the project was approved , engineering , contracting and procurement are well advanced , with site earthworks also meaningfully progressed and concrete and steel installation underway . The full complement of accommodation required for workers was built during the first half of 2019 . First production is expected in 2022 , with the ramp-up complete in 2023 .
SOCIAL LICENSE TO OPERATE
“ Quellaveco is a very rare and attractive opportunity to develop a world-class copper mining operation that will operate in the lower part of the cost curve ,” pledges Tom McCulley , CEO Anglo American Peru & Group Head of Projects . Obtaining and maintaining a social license
FEBRUARY 2020