Peru has given the green light for a $2 billion expansion at the Antamina copper and zinc mine. The mine, a cornerstone in Peru’s economic landscape, is co-owned by renowned companies such as Glencore PLC , BHP Group Ltd, Teck Resources, and Mitsubishi Corporation, representing a significant contribution to Peru’s economy and the global copper supply.
The expansion project, approved through a Modification of the Environmental Impact Study (MEIA), aims to extend the mine’s productive lifespan from 2028 to 2036, adding a new chapter to its storied history.
“The MEIA is an important milestone for Antamina and the Peruvian mining industry, reaffirming our commitment to the country and the Ancash region,” said Victor Gobitz, CEO of Compañía Minera Antamina, the mine’s operator. “This approval broadens our horizon, allowing us to continue transforming the economic resources from mining into sustainable development for all.”
Situated in the Andes, around 270 kilometers north of Lima, the Antamina mine ranks among the world’s top copper mines, with a rich history of producing 560,000 tons in 2022. However, in 2023, the production slowed to 435,000 tons, highlighting the need for expansion to recapture its former glory. But can the mine rise to the occasion?
The project plans to expand the mine’s area by 25% and deepen the open pit by 150 meters, akin to adding new chapters to an old novel. The expected ore extraction will be up to 173,000 tons a day, with a waste movement of up to 742,000 tons, paving the way for a new era of productivity.
The site will witness a rejuvenation with a replacement for the primary ore crushing station and a new Waste 2 rock crusher. Two new tunnels will provide smoother circulation of ore and waste, akin to revitalizing old pathways. The waste storage will be expanded by 26%, with the dam storage capacity also surging to 1,572 million tons from the current 1,100 million tons, marking a significant stride in the mine’s evolution.
With falling production and a shortage of new projects, Peru seizes the opportunity to defend its position as the second-largest copper mining country by embracing change and expansion. The approval of the Antamina project comes after President Dina Boluarte appointed Romulo Mucho, a veteran mining engineer, as the new energy and mining minister, signaling the dawn of a new era for the mining industry in Peru.
As the world moves towards a low-carbon economy, the extension of operational life for projects like Antamina becomes paramount to alleviate supply constraints and meet the burgeoning demand for copper, emerging as a beacon of hope for the future of vital industries and infrastructure projects. Can Antamina rise as the hero in this mining saga?
