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Anglo American Gives Go-Ahead to Peru Copper Project, 1H Net Profit Fell

26 Jul 2018 6:40 am

By Oliver Griffin

Anglo American PLC (AAL.LN) said Thursday that it has given the go-ahead to start the development of the Quellaveco copper project in Peru, as net profit in the first half of the year fell 9%.

The diversified mining giant said first production of copper at Quellaveco is expected in 2022, before a ramp-up to full production in 2023.

During the first 10 years, Quellaveco is expected to produce around 300,000 tons of copper a year, with cash-costs of $1.05 per pound of copper.

Anglo American's profit for the six months ended June 30 fell to $1.29 billion from $1.42 billion in the year-earlier period. Anglo American said revenue for the first half of the year rose 13% to $13.7 billion.

The company said diamond miner De Beers, of which it owns an 85% stake, reported that rough-diamond production during the first half of the year rose 8% to 17.5 million carats.

Anglo American raised its interim dividend to $0.49 a share, up from $0.48 in the year-earlier period.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

July 26, 2018 02:40 ET (06:40 GMT)

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