Peru Mine Plans $1.3bn Expansion

Zinc and copper miner Antamina has approved a $1.288bn expansion plan, which it expects will be the biggest private investment in Peru this year. Spokesman Gonzalo Quijandria tells LatinFinance that all of the financing will come from Antamina’s 4 shareholders. They are BHP Billiton and Xstrata, each with a 33.75% stake, Teck (22.50%) and Mitsubishi (10.00%). Proceeds will be used to boost production by 38%, increase reserves 77% and extend the mine life by 6 years. The mine is in San Marcos district in Huari province. “This expansion represents the biggest private investment that will happen in Peru in 2010, demonstrating the confidence that Antamina has in the country,” says the investor.