LONDON (Thomson Financial) – Anglo American PLC said that after its successful tender in the privatisation process it has been awarded the Michiquillay copper project in Peru for 403 mln usd.
The 403 mln usd will be paid by Anglo American to the Peruvian government, staged over the first five years of the project. Half of this payment will be allocated to a trust fund for the development and benefit of the local communities.
Michiquillay is a large, advanced exploration project located in Cajamarca State in northern Peru, a highly prospective mineral district which already hosts a number of mines, Anglo said.
The group believes that there is significant additional exploration potential associated with this deposit.
CEO Cynthia Carroll said ‘Michiquillay is one of the best undeveloped copper prospects in the world with significant upside potential.’
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