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Anglo American gives investors tour of its copper assets

Published by
Global Mining Review,


This week, Anglo American plc (Anglo American) is hosting a number of analysts and investors on a visit to Santiago, Chile and Lima (Peru) to provide a detailed overview of Anglo American’s three world class copper assets: Los Bronces and Collahuasi in Chile, and Quellaveco in Peru.

Mark Cutifani, Chief Executive of Anglo American, said: “This week’s visit will highlight the Tier 1 quality of Anglo American’s copper assets and the significant performance improvements that we continue to deliver. We are also progressing a number of low cost copper growth opportunities – from our Quellaveco mine where construction is under way in Peru, to the development options we have at Los Bronces and Collahuasi in Chile, and our targeted mineral discovery portfolio.

We expect the supply of copper to become further constrained in the years and decades ahead as the key ingredient in the fast-growing renewable energy and electric vehicle markets, in addition to the infrastructure, housing and consumer electronics markets that continue to be fuelled by the world’s fast-expanding middle class population. The world-class quality of our copper assets and our many options for disciplined growth position Anglo American well to meet that significant additional demand.”

Anglo American is increasing its copper production guidance from its operations in Chile for 2018 and the following three years, as follows:

  • 2018: ~660 000 t (from 630 000 - 660 000 t previously).
  • 2019: 630 000 - 660 000 t (from 600 000 - 660 000 t previously).
  • 2020: 620 000 – 680 000 t (from 600 000 – 660 000 t previously).
  • 2021: 590 000 – 650 000 (new guidance).

Unit cost guidance for 2018 has been lowered to ~140 c/lb (from ~145 c/lb previously) and 2019 guidance is 135 – 140 c/lb (new guidance).

Anglo American expects to add the first production from its Quellaveco mine in Peru in 2022. Quellaveco will produce 300 000 t of copper equivalent per year, at a highly competitive first quartile cash cost of US$1.05 per pound of copper, both on average over the mine’s first ten years. With a current Reserve Life of 30 years, Quellaveco provides significant expansion potential which, in combination with other organic growth opportunities, puts Anglo American on track towards producing more than 1 million tpy of copper in the medium-term.

 

Read the article online at: https://www.globalminingreview.com/exploration-development/28112018/anglo-american-gives-investors-tour-of-its-copper-assets/

 

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