Quellaveco copper mine solidifies Peru’s role in Anglo American’s global ops

Anglo American saw a strong rebound in its Peruvian operations in the fourth quarter of 2024 and expects even better results in 2025 for its Quellaveco copper mine in Moquegua region.

After producing 90,200t in 4Q24 and reporting that output for the year was above the lower end of its guidance, at 306,300t versus the projected 300,000t, the company forecasts that copper production will rise to 310,000t-340,000t in 2025, 320,000t-350,000t in 2026 and 310,000t-340,000t in 2027.

According to an operational report from Anglo American, the 306,300t copper output from Quellaveco was lower than the 319,000t recorded in 2023 due to lower ore grades throughout the year. While the average copper grade was 0.96% in 2023, it declined to 0.76% in 2024.

Meanwhile, Q4 production of 90,200t was significantly higher than in previous quarters – 72,000t in 1Q24, 75,300t in 2Q24 and 68,700t in 3Q24. Output in October-December benefited from an improved ore grade of 0.89% and processing of more than 14.8Mt of ore.

Anglo American's total copper production in 2024 was 773,000t, down 6.4% from 826,000t in 2023, with Quellaveco making a significant contribution.

The company has put its 2025 copper production guidance at 690,000t-750,000t, with 380,000t-410,000t from Chilean operations and 310,000t-340,000t from Peru.

In 2026, guidance is 760,000t-820,000t, with 440,000t-470,000t coming from Chile and 320,000t-350,000t from Peru. And in 2027, the forecast is 760,000t-820,000t, with Chile contributing 450,000t-480,000t and Peru 310,000t-340,000t.

"Our forward production guidance is unchanged in copper with growth in 2026 driven by higher grades in Chile, with this production level then maintained in 2027," CEO Duncan Wanblad said in the company's report.

This year, Anglo American will focus on advancing the next phases of the Quellaveco mine.

“The next phases will enable more flexibility in the medium to long term. Optimizing the coarse particle recovery plant remains a priority going into 2025, and a continued improvement in recoveries is expected progressively throughout the year,” the firm said.

In November 2024, Anglo American announced an US$850mn investment plan for the next 30 months, which has already received approval from environmental certification service for sustainable investments Senace. The investment will be focused on expanding processing capacity from 127,500t/d to 150,000t/d, with work set to begin in 2026.

Quellaveco is currently Peru’s fifth-largest mine, accounting for over 11% of the country’s total copper production between January and November 2024. Within Anglo American’s global operations, the Peruvian mine represents 39.6% of the company’s total copper output.

In Chile, Anglo operates the Los Bronces and El Soldado mines, and has a 44% interest in the Collahuasi mine along with Glencore (44%) and Japan Collahuasi Resources (12%).