Switzerland's Xstrata to launch major Peru copper project

5th August 2010, Comments 0 comments

Swiss mining group Xstrata said Wednesday it will launch a 4.2 billion dollar copper mining project in southeastern Peru next year.

The Las Bambas project in Peru's Apurimac region, some 800 kilometers (500 miles) southeast of Lima, will be one of the world's biggest mining projects this decade, said Xstrata director Mick Davis in a statement.

With an investment of 4.2 billion dollars, Xstrata said it will launch the mining project in the latter part of 2011, with copper production forecast to begin in full by the end of 2014.

Davis said the Las Bambas mine is expected to yield some 400,000 tons of copper in concentrate, including significant gold, silver and molybdenum by-products, during a mine life of at least 18 years.

Xstrata, which began operating in Peru in 2004, won an international bidding contract for Las Bambas project that same year, with a 121 million dollar offer.

© 2010 AFP

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