2023-03-30 10:56:27 ET
The developers of Peru's largest copper mine plan to spend $2B to extend the useful life of the deposit through 2036, up from $1.6B previously planned, the company's CEO told Reuters on Thursday.
CEO Victor Gobitz of the Antamina mine, co-owned by Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ), BHP ( NYSE: BHP ), Teck Resources ( NYSE: TECK ) and Mitsubishi ( OTCPK:MSBHF ), cited higher and additional costs.
The lifespan of Antamina, which produced nearly 468K metric tons of copper last year, currently is set to expire in 2028.
Approval of the extension is pending an environmental impact study and should be approved by mid-year, "although we do not have control over that," Gobitz told Reuters , also not ruling out requesting at extension beyond 2036 for the life of the mine.
BHP's ( BHP ) "future looks good but the stock is not yet a buy," The Methodical Investor writes in an analysis posted recently on Seeking Alpha .
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Peru's Antamina mine life extension cost raised to $2B