Anglo bets on stability in Peru as multibillion-dollar decision on major copper mine nears
Santiago — Anglo American is looking past global trade tension and local political upheaval as it moves towards a multibillion-dollar decision on building the world’s next major copper mine, in Peru. The London-based company was on track to present the Quellaveco project to its board around midyear and was close to bringing in a partner to shoulder some of the cost, Hennie Faul, the head of Anglo’s copper business, said in an interview in Santiago on April 6. Anglo had secured a permit and was reviewing a feasibility study along with its 18% partner in the project, Japanese conglomerate Mitsubishi. Mitsubishi has said it is in talks with Anglo about increasing its stake. Faul said there had been plenty of interest from other prospective buyers. Anglo intended to retain at least a 51% ownership and remain as operator, he said. While Faul declined to identity other interested parties or the size of the stake to be sold, he said the sale process was "happening right now" and would be p...
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