(Alliance News) - Anglo American PLC's USD5 billion copper project in Peru has the potential to be a "generational" asset with enough reserves to supply a century of production, the Financial Times reported on Tuesday.
The reserves at Quellaveco have only been defined to a depth of 400 metres but drill samples suggest mineralisation could extend to 1,000 metres, the newspaper said, citing a company presentation.
Quellaveco is the first new mine sanctioned by Anglo American since Minas Rio, an iron ore project in Brazil.
"This is not going to be a 30-year mine. My personal opinion is that it is going to be closer to 100 years," said Tom McCulley, the head of Anglo American in Peru, at a briefing in Lima on Monday.
https://www.ft.com/content/1be132ec-ef09-11e9-ad1e-4367d8281195
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Anglo American (AAL)