Quellaveco emerges as top Peru copper asset

Anglo American expects its Peruvian copper unit Quellaveco to produce 310,000t-350,000t this year.

Having started commercial operations in September 2022, Quellaveco produced 82,000t in Q4 and an estimated 102,300t overall last year, according to Thursday’s results report.

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Residents of Islay, which is in the mine’s area of influence, started complaining about Quellaveco’s water usage in October, but water authority ANA, which could revoke the mine's permit, is still analyzing the matter.

According to the energy and mines ministry's latest report, Quellaveco is already a top copper producer, with 22,757t in November, compared with 22,026t from Las Bambas, 21,560t from Chinalco and 13,619t from Antapaccay. December production is estimated to have exceeded 38,000t. 

Overall mining production grew 11.1% year-on-year in December, boosted by a 19.2% increase in copper output, according to statistics office Inei.

China’s MMG expects to produce 265,000t-305,000t at Las Bambas this year. Antamina, Cerro Verde and Southern Copper operate other major copper assets in the country.

Anglo American expects to reach full operating capacity by mid-year, despite the social upheaval shaking the country. Quellaveco is among the few mines that have continued operating so far. Its location is not as badly affected as some of the other big mines.

Given that Las Bambas and Antapaccay have halted operations, and Constancia’s output cannot be transported, Quellaveco is set to be the sector’s key driver this year.