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,
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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