Glencore plans to invest $1.5 billion in Peru copper mine

A long way from Peru: Glencore headquarters in Zug, Switzerland. © Keystone / Urs Flueeler

The mining group wants to invest significantly more money in the expansion of the Antapaccay copper mine than previously planned, Reuters has reported.

Overall, the Swiss-based mining giant is planning investments of $1.5 billion (CHF1.65 billion), up from the $590 million previously foreseen.

With this step, Glencore wants to advance the stalled Coroccohuayco copper project, as the mine boss in Antapaccay, Carlos Cotera, told Reuters on Monday in Peru’s capital Lima.

The goal is also to extend the life of the mine by decades, at least until 2045, he added.

+ In-depth: Glencore faces increasing pushback in PeruExternal link

Protests by the local population against the project have broken out in the past, while there have also been questions about the quality of ore at the mine. Cotera said that copper production has fallen steadily, from 221,000 tons in 2016 to around 150,000 tons a year now.

In the future, thanks to the Coroccohuayco project, copper mining is expected to rise again to 250,000 tons, Glencore hopes. The background to expansion plans in Peru is the increasing global demand for copper, notably spurred by sales of electric cars.

Peru is the second-largest global source of copper after neighbour Chile.