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HomeMiningANGLO TO BEGIN COPPER SHIPMENTS FROM QUELLAVECO, TWEAKS GUIDANCE

ANGLO TO BEGIN COPPER SHIPMENTS FROM QUELLAVECO, TWEAKS GUIDANCE

Diversified major Anglo American on Monday announced the start of commercial operations at its 300 000 t/y copper-equivalent Quellaveco project, in Peru, following the successful testing of operations and final regulatory clearance.

The new mine would lift Anglo’s total global output by 10% in copper equivalent terms and take its total copper production close to one-million tonnes a year, said CEO Duncan Wanblad.

“Our delivery of Quellaveco, a major new world-class copper mine, is testament to the incredible efforts of our workforce and our commitment to our stakeholders in Peru over many years,” he commented in a statement.

“At a highly competitive operating cost, Quellaveco exemplifies the asset and return profile that is central to our portfolio quality and our ability to provide customers with a reliable and sustainable supply of future enabling metals.”

Quellaveco would ramp up fully over the next 9 to 12 months.

Following a commissioning and testing period, and receipt of final regulatory clearance, Anglo revised its 2022 production guidance for Quellaveco to between 80 000 t and 100 000 t of copper, compared with the previous target of 100 000 t to 150 000 t, at a C1 unit cost of c.150c/lb, previously c.135c/lb.

The production guidance for Quellaveco in 2023 and 2024 remained unchanged at 320 000 t to 370 000 t of copper.

Anglo also tightened its copper production guidance for Chile to between 560 000 t and 580 000 t, compared with the previous guidance of 560 000 t to 600 000 t, citing lower throughput at Los Bronces caused by a combination of water restrictions and a change in ore characteristics.

The 2022 C1 unit cost guidance has been revised upwards to c.160c/lb, from c.150c/lb, reflecting the impact of lower volumes and inflation.

Quellaveco has been designed as one of Anglo and South America’s most technologically advanced mines, incorporating autonomous drilling and haulage fleets – a first in Peru – a remote operations centre, as well as a number of digital and advanced processing technologies, the mining group’s head of base metals, Ruben Fernandes, noted.

“Drawing its electricity supply entirely from renewables, Quellaveco is setting an example of a low emission mine producing a critical metal for decarbonising the global economy – copper. In Quellaveco, we can see FutureSmart Mining in action.”

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