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Anglo American resumes Michiquillay copper project in Peru

By Mario Sandoval

(10/12/2010)Anglo American is resuming the development of the Michiquillay copper project after announcing that it entered into an agreement with neighboring communities, reported the El Comercio and Gestión newspapers.

Michiquillay is a large project located in Cajamarca region in northern Peru, a region with largea number of mines. The copper project, awarded to Anglo American in 2007, is now expected to go into production in 2018.

The company expects to produce 300 thousand tons of copper, plus gold, molybdenum and silver upon an estimated investment of US $1 billion. There is significant additional exploration potential associated with this deposit, reports a press release of Anglo American.

“Michiquillay is one of the best undeveloped copper prospects in the world with significant upside potential,” CEO Cynthia Carroll communicated in a company press release. The project was initially rejected by local communities. “Anglo American will engage with the local communities as soon as possible in order to establish a good working relationship, whereafter we can begin our exploration work with a view to developing this exciting mining project.”

Anglo American, based in South Africa, is one of the world's largest mining and natural resource groups.