Anglo American (AAL) has suspended work on its major new copper mine in Peru. The miner had no choice, as the Peruvian government ordered a national 15-day quarantine period.
Anglo chief executive Mark Cutifani said the mine, set to reach production in 2022, would not see major delays as a result. “We would expect to be able to accommodate this slowdown within our market guidance on both timing and costs at this stage,” he said.
The company is in the process of “demobilising” most of the 10,000 workers at the $5bn (£4.2bn) project, which will produce 300,000 tonnes (t) a year of copper for its first decade.
Anglo’s major earner for 2019, platinum group metals, have also been hit by coronavirus. Palladium prices have tumbled from all-time highs at the end of February of almost $3,000 an ounce (oz) to $1,600 an oz this week, and platinum is down from $1,000 an oz to under $700.
