Anglo American starts Quellaveco copper operations, trims production guidance

Sep. 26, 2022 7:35 AM ETAnglo American plc (AAUKF), NGLOYBy: Carl Surran, SA News Editor

Material photo of copper ore

SAND555/iStock via Getty Images

Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Monday it has started commercial operations at its 300K metric tons/year Quellaveco copper project in Peru, following successful testing of operations and final regulatory clearance.

Anglo (OTCQX:AAUKF) (OTCQX:NGLOY) said it expects the mine will raise its total global production by 10% in copper equivalent terms and take its total copper production close to 1M tons/year.

The miner plans to fully ramp up Quellaveco over the next 9-12 months.

Anglo (OTCQX:AAUKF) (OTCQX:NGLOY) also lowered its FY 2022 copper guidance for the site to 80K-100K tons from its prior outlook of 100K-150K metric tons, which guidance for 2023 and 2024 remains unchanged at 320K-370K tons.

The company also tweaked copper guidance for Chile to 560K-580K tons from its previous forecast of 560K-600K, citing lower throughput at its Los Bronces operations, while unit guidance ticks upward to 160 cents a pound from 150 cents, reflecting lower volumes and inflation.

Copper prices recently have fallen to their lowest in nearly two months, weighed by the strong dollar and fears of a recession that would hurt demand for industrial metals.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.