Peru Approves Antamina Copper Mine Life Expansion

---

February 20, 2024--Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Peru's Antamina copper mine will expand its activities for another eight years and see US$2 billion in investment following the latest permit approval.

The Peruvian government has approved Antamina's new environmental impact assessment, extending the mine's life cycle from 2028 until 2036. The expansion will include investments worth US$2 billion in the asset's operations in the next few years.

The permit entails enhancements in the mine's current operational area that include the footprint of the open pit, as well as the expansion and optimization of the mine's dumps and tailings dam.

Victor Gobitz, Antamina's president, highlighted that the permit "is an important milestone for Antamina and the Peruvian mining industry, and reaffirms our commitment to the country and the Ancash region. This approval broadens our horizon and allows us to continue working hand in hand with the authorities and communities to deploy a mature public and private institutional framework, which seeks to transform economic resources from mining into sustainable development for all."

Antamina is Peru's second-largest copper mine, representing 15.8% of the nation's total copper output last year. Antamina also is one of the world's largest copper mines, with a production near 430,000 metric tons of copper in 2023, based on numbers from Peru's Ministry of Mines.

In addition, Antamina also is Peru's largest zinc and silver producer, accounting for 36% and 12.9% of the total output, respectively. Additionally, the asset is the nation's fourth largest molybdenum producer, with 10.5% of the volume.

The copper miner overseeing the mine is primarily owned by BHP Group (NYSE:BHP) (Melbourne, Australia) and Glencore Limited (Baar, Switzerland), each of which holds a 33.75% stake, with smaller stakes held by others. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for related reports.

Last year, Peru retained its spot as the world's second-largest copper producer with an output of 2.75 million metric tons, slightly ahead of Congo, which is in third place. The country recorded a 12.7% increase in its copper output year on year, despite facing protests that impacted operations at mines in 2023.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).