Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Peru’s Antamina mine should receive government approval to extend its life extension through 2036 by the end of the year, the mine’s chief executive said on Tuesday at an event.
Antamina is Peru’s largest copper mine and co-owned by Glencore, BHP Group, Teck Resources and Mitsubishi.
Antamina CEO Victor Gobitz said that the country’s mining and energy minister, Oscar Vera, had given the deadline at a mining event.
The lifespan of Antamina, which produced 467,905 tonnes of copper last year, is currently set to expire in 2028.
Gobitz said in late March that Antamina will spend $2 billion to extend the useful life of its deposits through 2036, up sharply from $1.6 billion previously planned.
Peru is the world’s second-largest producer of copper.
(By Marco Aquino; Editing by Brendan O’Boyle and Isabel Woodford)
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