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(Bloomberg) — Glencore Plc is strengthening its position in Peru with the purchase of a project near its existing mining operations, part of the company’s global copper expansion strategy.
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The Swiss commodities giant acquired the Quechua project in Espinar, Cusco, from Japan’s Pan Pacific Copper Co. for an undisclosed sum, it said Tuesday in a statement. The investment to build the copper mine is valued at $1.3 billion, according to Peru’s energy and mines ministry.
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The deal aligns with Chief Executive Officer Gary Nagle’s plan to almost double Glencore’s copper output, targeting a metal seen as critical for electrification and the energy transition. The timeline to build a mine in Peru can take decades and the Quechua project does not have an expected production date, according to the ministry.
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Quechua adds another piece to a district that includes Glencore’s Antapaccay mine and the future Coroccohuayco project. Glencore is betting it can navigate sporadic protests over expansion plans amid broader tensions between communities and mining companies in the region, where informal digging is also on the rise.
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“The asset should carry greater value for Glencore, which can leverage existing infrastructure much as it plans to do with Coroccohuayco,” Bloomberg Intelligence analysts Alon Olsha and Grant Sporre wrote in a note.
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Antapaccay has produced copper concentrate since 2012, churning out about 146,000 metric tons last year. Glencore also has a 34% stake in the giant Antamina mine, where it partners BHP Group, Teck Resources Ltd. and Mitsubishi Corp.
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