Peru is set to embark on a $2 billion expansion at the widely acclaimed Antamina copper and zinc mine.
Prominent companies including Glencore PLC GLCNF, BHP Group Ltd BHP, Teck Resources TECK, and Mitsubishi Corporation MTSUY have a stake in this facility. Antamina plays a pivotal role in Peru’s economic landscape and influencing the global copper supply.
The expansion initiative, sanctioned through a Modification of the Environmental Impact Study (MEIA), aims to prolong the mine’s productive lifespan from 2028 to 2036.
“The MEIA marks a significant achievement for Antamina and the Peruvian mining industry, underscoring our commitment to Peru and the Ancash region,” stated Victor Gobitz, CEO of Compañía Minera Antamina, the mine’s operator.
Gobitz added, “This endorsement widens our horizons and empowers us to continue collaborating closely with governmental authorities and local communities. Our shared objective is to build a robust public and private institutional framework, aimed at converting mining resources into sustainable development for all.”
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Nestled in the Andes, about 270 kilometers north of Lima, the Antamina mine ranks among the world’s premier copper mines, yielding 560,000 tons in 2022. However, production slowed to 435,000 tons in 2023.
The expansion blueprint will enlarge Antemina’s area by 25% and deepen the open pit by 150 meters. The anticipated daily ore extraction is up to 173,000 tons, with a waste movement of up to 742,000 tons.
Moreover, the site will witness the installation of a new primary ore crushing station and a fresh Waste 2 rock crusher. Additionally, two new tunnels will enhance the flow of ore and waste, while the waste storage will grow by 26%. The dam storage capacity will rise to 1,572 million tons from the current 1,100 million tons.
In the midst of declining production and a dearth of new projects, Peru is determined to uphold its status as the world’s second-largest copper mining nation. This involves streamlining bureaucracy and expanding existing projects. The greenlight for the Antamina expansion comes shortly after President Dina Boluarte appointed the seasoned mining engineer Romulo Mucho as the new energy and mining minister, as perReuter’s report.
As the global economy pivots towards a low-carbon future, extending the operational lifespan of projects like Antamina will play a critical role in mitigating supply constraints and meeting the mounting demand for copper. This will support essential industries and infrastructure projects.
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