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Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) plans to spend $1.5B on an expansion project at its Antapaccay copper mine in Peru, up from $590M announced previously, Reuters reported Tuesday, in a bid to unlock the stalled plan key to maintaining copper output.
Antapaccay general manager Carlos Cotera told Reuters the Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) unit was pushing forward the “Coroccohuayco” project, which aims to extend the mine’s lifespan until “at least” 2045-50.
Cotera said annual production at Antapaccay has fallen steadily as the quality of ore grades declined, from 221K metric tons in 2016 to ~150K tons now, making the expansion project important.
“We are confident that for at least the first 10 years of Coroccohuayco’s operation copper production will be ~250K tons of copper per year,” Cotera said, adding the miner is now examining Coroccohuayco’s pre-feasibility study and expects approval in H2 2024 before moving to a full feasibility study.
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