Glencore Plc, led by South African mining executive Gary Nagle, has taken full ownership of the undeveloped Quechua copper project in southern Peru after Japans JX Advanced Metals agreed to sell its entire stake for an undisclosed amount.
The deal gives the Swiss mining giant a project near its Antapaccay and Coroccohuayco operations, thus expanding its footprint in one of Perus main copper-producing regions.
JX said it is selling Quechua to reduce exposure to mining assets vulnerable to price swings and to focus on advanced materials for electronics and industrial manufacturing. Glencore said the project could support nearby mines with shared infrastructure. Perus mining authorities estimate development would require about 1.29 billion in investment.
