Anglo and Mitsubishi to build $5.3bn copper mine in Peru

ANGLO American will press ahead with a giant new copper mine in Peru, marking the end of a long period of retrenchment that saw it focus on paying off debt and shoring up its balance sheet.

The FTSE 100 miner will pay 60pc of the up to $5.3bn (£4bn) cost of building Quellaveco, with its partner Mitsubishi picking up the rest of the bill. Quellaveco, in southern Peru, has an estimated 30-year lifespan and will provide much-needed copper for use in wiring and electric cars.

Mark Cutifani, CEO, admitted Anglo had been “bak- ing this cake for a while” as it sought partners to shoulder the cost of the mine, but in- sisted it was the “best prepared project I’ve been involved in in my career”.

Anglo reported a 13pc rise in revenue to $13.7bn in the half to June 30, while pre-tax profits were steady at $2.4bn.