Xstrata Commits to Peru
Peru may end up calling 2010 the year of Xstrata. It unveiled plans to invest $7 billion in deals including one the president calls “the contract of the century.”
"Peru is going to play a principal role in
Xstrata’s copper division. Our worldwide copper
production in 2009 was 907,000 tons and Peru will represent
more than 500,000 tons in the coming years, increasing our
production by more than 50%," Domingo Drago,
Xstrata’s corporate affairs officer in Peru, tells
by Lucien Chauvin
Switzerland-based mining giant Xstrata announced this year that
it will proceed with three projects that will make it
Peru’s largest single foreign investor, with more
than $10 billion spent in the country. It also aims to
consolidate its place as one of the world’s
principal copper producers.
Besides the ore grade and synergies with existing projects,
Drago says conditions in Peru for mining investments and the
country’s overall economic and political
performance over the past decade make it extremely attractive.
"Peru has one of the best economies in the world, with...
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