30th Apr 2007 18:11
Anglo American PLC30 April 2007 News Release 30 April 2007 Anglo American acquires Michiquillay Project in Peru Anglo American is pleased to announce that it has been awarded the Michiquillaycopper project in Peru following its successful tender in the privatisationprocess. A purchase price of $403 million will be paid by Anglo American to thePeruvian government, staged over the first five years of the project. Half ofthis payment will be allocated to a trust fund for the development and benefitof the local communities. This bid structure provides a welcome opportunity tosubstantially improve the lives of those living in the region and Anglo Americanlooks forward to playing a meaningful role in such development. Michiquillay is a large, advanced exploration project located in Cajamarca Statein northern Peru, a highly prospective mineral district which already hosts anumber of mines. Anglo American believes that there is significant additionalexploration potential associated with this deposit. The Michiquillay Project will enhance Anglo American's major portfolio of copperprojects already under evaluation. Quellaveco, also in Peru, is well advancedand the feasibility study is expected to be completed in the first half of 2008.These two opportunities in Peru are complementary and underline Anglo American'sconfidence in Peru and its mining industry. Cynthia Carroll, CEO of Anglo American plc said "Michiquillay is one of the bestundeveloped copper prospects in the world with significant upside potential.Anglo American has extensive experience in Latin America where we have operatedfor many decades and we are excited by this opportunity to expand our activitiesin Peru. Anglo American is committed to the highest international standards forcommunity relations, environmental protection and health and safety and we arevery pleased to be able to bring these skills and experience to Michiquillay.Anglo American will engage with the local communities as soon as possible inorder to establish a good working relationship, whereafter we can begin ourexploration work with a view to developing this exciting mining project." For further information: Investor Inquiries Charles Gordon Tel: +44 207 968 8933 Anna Poulter Tel : +44 207 968 2155 Media Inquiries Kate Aindow Tel: +44 207 968 8619 Anne Dunn Tel: +27 11 638 4730 Notes to Editors: Anglo American plc is one of the world's largest mining and natural resourcegroups. With its subsidiaries, joint ventures and associates, it is a globalleader in platinum group metals, gold and diamonds, with significant interestsin coal, base and ferrous metals, industrial minerals and paper and packaging.The group is geographically diverse, with operations in Africa, Europe, Southand North America, Australia and Asia. (www.angloamerican.co.uk) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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