Anglo's Peru projects on track despite capex cuts
Wed Dec 17, 2008 1:02pm EST
reuters.com
LIMA, Dec 17 (Reuters) - Global miner Anglo American Plc (AAL.L: Quote, Profile, Research, Stock Buzz), which on Wednesday announced it will cut spending by more than half in 2009, said its two projects in Peru are moving ahead despite the recent collapse in commodity prices.
Anglo, which slashed 2009 capital spending to $4.5 billion from about $10 billion, said it was curbing expansion projects ranging from platinum in South Africa to iron ore in Brazil.
The world's fourth-biggest diversified mining group has the Quellaveco copper project in southern Peru and the Michiquillay copper project in the country's north.
"We remain committed to our projects in Peru and work is progressing at both Michiquillay and Quellaveco," James Wyatt-Tilby, a company official, told Reuters.
An Anglo representative in Peru was not available for comment.
Prices for metals have sunk on the global financial crisis, which has forced many miners to delay or scratch plans to bring new projects into production.
Earlier this month, mining giant Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) (RIO.AX: Quote, Profile, Research, Stock Buzz), which runs a cooper project in northern Peru, also said it will cut global spending by more than half next year.
After Chile, Peru is the world's second largest copper producer. (Reporting by Dana Ford; Editing by Marguerita Choy) |
