First Quantum expects feasibility studies for Peru mine by 2028, manager says
LIMA - Canadian miner First Quantum Minerals expects updated drilling results for its Peru copper project La Granja in the second half of next year, and feasibility studies by 2028, project development manager Steven Lewis said on Thursday.
"The drilling is progressing well, it's at 35%, and we expect to have the results in the second half of next year," Lewis said on the sidelines of a mining industry conference.
About the feasibility studies slated for completion by 2028, he said: "We're working to meet this deadline."
First Quantum last year purchased a 55% stake in the project, which is co-owned with Rio Tinto, and at the time of the acquisition committed to investing up to $546 million for its development.
The project overall is estimated to amount to $2.4-billion investment.
According to data from Peru's mining ministry, the site has the potential to produce 500 000 metric tons of copper a year, with a useful life of 40 years.
In addition to completing drilling and feasibility studies, First Quantum will also face challenges related to local communities, environmental permits and financing, Lewis said. "La Granja has the potential to be a larger project, but the ultimate focus will depend on several challenges," Lewis said in a presentation at the mining event.
First Quantum took a major blow last year after the Panama government ordered the shutdown of the Cobre Panama mine, which contributed to 40% of the miner's revenue, due to public protests over environmental issues.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
