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Mitsubishi Corporation

Press Room

July 12, 2022
Mitsubishi Corporation

First Copper Production from Quellaveco Copper Project in Peru

Mitsubishi Corporation (MC) is pleased to announce the first production of copper concentrate1 from its Quellaveco copper mine in the Republic of Peru, jointly developed with Anglo American plc.
 
MC is one of Japan's largest copper producers, with an attributable equity production of over 200,000 tonnes per annum. Post-Quellaveco, this will increase by approximately 50% (reaching between 320,000 and 370,000 tonnes per annum). Following MC's final investment decision in 2018, the Covid-19 pandemic hit Quellaveco at the beginning of 2020. However, as a result of successfully applying anti-infection and other precautionary measures over the last two years, the project was delivered almost on time and within budget.
 
Quellaveco is a large-scale, highly cost-competitive copper mine in Southern Peru's Moquegua Region, adopting advanced technology and eco-conscious initiatives. It is the first mine in the country to deploy autonomous mining equipment such as trucks and drills and is 100% powered by renewable energy.
 
Prior to development, Quellaveco and the local stakeholders reached an agreement focusing on job creation and purchasing of goods and services from local businesses. In addition, the mine aims to contribute to the betterment of the local community by supplying water for farming and drought prevention from the reservoir, forming part of a dam built specifically for the project.
 
Copper is essential for de-carbonization, as it plays a crucial role in developing electric vehicles and renewable energy infrastructures, such as wind and solar farms, which are indispensable for a greener world. Consequently, mid-to-long-term demand for copper is expected to keep rising. However, declining ore grades and environmental restrictions are increasing hurdles to developing new mines, making stability of supply a significant concern.
 
In its latest management plan, unveiled in May 2022 and entitled "Midterm Corporate Strategy 2024 - Creating MC Shared Value," MC has outlined its objective to promote Energy Transformation (EX) initiatives to help societies achieve carbon neutrality. Copper will play a vital role in that objective, and MC intends to grow its copper portfolio to respond to global demand and sustainability of supply.
 
About Quellaveco
Location
Southern Peru’s Moquegua Region, 1,200km southeast of Lima (see map)
Ore Reserves
Approx. 8.9 million tonnes of contained copper
Annual Production
Approx. 300,000 tonnes of copper equivalent (average over the first ten years)
Mine Life
Approx. 36 Years
Investment Ratio
AA 60.0%, MC 40.0%2
CAPEX
US$ 5.5 billion3
1 The project is currently at the commissioning phase of its processing plant, and product shipments will begin after obtaining final regulatory approval.
2 In February 2012, MC acquired its initial 18.1% stake in the mine's owner Anglo American Quellaveco S.A. (AAQSA), from International Finance Corporation. In June 2018, MC decided to increase its stake in AAQSA to 40% by purchasing an additional 21.9% from Anglo American plc, and the following month both parties made the FID.
3 Based on designed throughput capacity at the time of FID and US$ 0.6 billion additional costs for managing the impacts of the Covid-19 pandemic since 2020.
Notes:
1. Mitsubishi Corporation
Headquarters  : 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Japan
Main Business : MC engages in a wide range of businesses spanning multiple industries, overseen by its 10 Business Groups: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, Urban Development plus the recent addition of the Industry DX Group.
Representative : Katsuya Nakanishi, Representative Director, President and Chief Executive Officer
Year of Establishment : 1954 (Year Registered 1950)
 
2. Anglo American
Headquarters : 17 Charterhouse Street, London, EC1N 6RA, United Kingdom
Main Operations : Anglo American engages in a globally diversified mining operations, with a portfolio of world-class mining assets and undeveloped resources of diamonds, copper, platinum group metals, premium quality iron ore, metallurgical coal for steelmaking, and nickel.
Representative : Duncan Wanblad, Chief Executive
Year of Establishment : 1917

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