Quellaveco copper project expected to start this year British American Group copper production will surge
Quellevaco is Anglo-American group plans to invest 5 billion in southern Peru to build a large copper project, has now received mining permits, is expected to be officially launched in 2018. The entire project cycle takes about 4-5 years and the expected earnings are considerable, perhaps the next BHP Billiton.
According to the Anglo-American group's 2015 Investment & Earnings Report, among the mining companies in the group, copper mine profits accounted for 19% of the total, De Beers diamond mining accounts for 20% and platinum accounts for 15%. The origin of copper is only Chile, the remaining two mining sources are more abundant, with Canada, South Africa, Zimbabwe and so on. The latest report of the first quarter of 2017 results shows a slight decrease of copper production by 3% to 142,600 tons. The reason is that the continued growth of the Collahuasi copper production was offset by the lower than expected ore grade of the Los Bronces copper mine and the temporary shutdown of mining operations at the El Soldado copper mine resulted in a decrease of about 3,000 tonnes. Developing a new source of raw materials and large copper projects is imperative for Anglo American.