Peru OKs Xstrata project

MANILA, Philippines - Swiss-Australian company Xstrata Copper is set to commence construction of its copper project in Las Bambas, Peru after obtaining approval of its Environmental and Social Impact Assessment (ESIA) from the Peruvian Ministry of Energy and Mines.

In the Philippines, Sagittarius Mines Inc. (SMI), local partner of Xstrata Copper in developing the Tampakan copper-gold project, has also already submitted its own ESIA for its proposed copper-gold mine in South Cotabato and is awaiting review and decision by the Department of Environment and Natural Resources.

The Tampakan project is also a major Xstrata endeavor as it is pegged as a $5.9-billion investment and is poised to become the biggest single foreign investment in the Philippines.

As significant as the Las Bambas project, the Tampakan project is set to be the largest mine in the Philippines with a potential to become the fifth largest copper mine in the world.

With the ESIA approval for Xstrata’s Las Bambas project, mine construction scheduled in the third quarter of 2011 has become definite.

The Tampakan project, on the other hand, hopes to begin construction toward the latter part of 2016.

With its Las Bambas and Tampakan projects, Xstrata Copper maintains its stature as one of the leaders in the global mining industry.