Commodities Buzz: Anglo Close To Selling Part Of Stake In Giant Peruvian Copper Project

Anglo American may sell close to 30% of its $ 5.5-billion Quellaveco project in southern Peru to Japanese companies, including Mitsubishi, which already has a 18% stake in the asset, considered the worlds next major copper mine.

The miner, which has already invested over $ 1 billion in Quellaveco since acquiring the property in 1992, had said its board would not make a final investment decision until it has de-risked the project by reducing its 82% holding in the copper asset.

Chief executive Mark Cutifani told investors last year he wanted to keep at least 51% of Quellaveco, which has the capacity to generate 225,000 tonnes of copper a year, adding he had been n++engagingn++ with potential parties interested in joining the project. Quellaveco has the permits needed for its development but has been stalled since 2013.