Pan Pacific Copper Postpones Quechua Cu Project

Pan Pacific Copper, which is joint copper smelter of JX Nippon Mining & Metals and Mitsui Mining & Smelting, announced on Wednesday the firm postpones development decision of Quechua copper deposit in Peru. The firm seeks better profitability when the firm found the reserve is less than expected through the feasibility study. The firm focuses the resource into development of Caserones copper project in Chile.

Pan Pacific copper purchased the interest in Quechua copper deposit from Mitsui Mining & Smelting in 2008. Pan Pacific Copper expected the project would start construction in 2012 to start production in 2014 for annual 76,000 tonnes of copper production in 17 years operation.

However, the firm will watch copper price and economy condition for the development while the firm researches potentiality of the area and better operation cost.

The firm focuses the resource on Caserones project in Chile to start solvent extraction electrowinning based copper production in January 2013 and concentrate production in September 2013.

The firm has around 600,000 tonnes per year of electrolytic copper production capacity in Japan. With Caserones project, the firm expects concentrate purchase rate from captive mines increases from current near 20% to around 50%. With Quechua project, the rate could reach 70%.