Xstrata announces big investment in Peruvian mine
Switzerland-based mining giant Xstrata said on Wednesday that it will invest 1.47 billion dollars in developing a southern Peru copper mine, a move aimed at extending the life of its existing operations in the region.
The existing Tintaya mine is due to reach the end of its life in 2012, but Xstrata said it will now invest in the Antapaccay project, located about 10 kilometres from Tintaya.
"Development of the Antapaccay deposit will increase annual copper in concentrate production from Tintaya by 60 percent to an average of 160,000 tonnes for the first six years and transform the mine into a long life business with at least 20 years of operations," said Xstrata in a statement.
The group's chief executive Mick Davis also noted that the move marks the next step in the firm's strategy to develop its assets in southern Peru into a "major new copper-producing region."
© 2010 AFP