Mitsubishi to Invest 220-230 B.-Yen to Develop Peru Copper Mine

July 29, 2018

Tokyo- Mitsubishi Corp. said Friday that it plans to spend between 220 billion yen and 230 billion yen to develop the Quellaveco copper mine in southern Peru.

The sum is 40 pct of the project's development costs totaling 5 billion to 5.3 billion dollars, the Japanese trading house said.

The start of copper production is slated for 2022.

The company plans to spend 500 million dollars separately in August to boost its stake in Anglo American Quellaveco SA, the developer of the project, to 40 pct.

Anglo American Quellaveco is a joint venture between Mitsubishi and London-based mining company Anglo American PLC.

The Quellaveco copper mine is estimated to contain 7.5 million tons of copper.

Annual production is projected at 300,000 tons on average for the first 10 years, of which Mitsubishi is expected to acquire 120,000 tons. Jiji Press