Fluor Announces First Copper from Anglo American’s Quellaveco Mining Project in Peru

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) announced the first production of copper concentrate at Anglo American's Quellaveco project in Peru. This milestone initiates testing at the processing plant and ramps up mining activities toward full operations. The project, a significant copper deposit in Peru, is expected to yield 330,500 short tons of copper equivalent annually for the first decade, increasing Peru’s copper output by 10% and creating 2,500 jobs. The project was completed on schedule and within budget, demonstrating effective collaboration amidst global challenges.

Positive

• First copper concentrate produced at Quellaveco project, marking a major milestone.
• The project is expected to generate 330,500 short tons of copper equivalent annually for the first 10 years.
• Will increase Peru's copper production by approximately 10%.
• Creation of 2,500 direct jobs during operations.

Negative

• None.

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that first production of copper concentrate has been achieved at Anglo American’s Quellaveco project in Peru.

Fluor Corporation helps achieve first copper at the Quellaveco mine in Peru. (Photo: Business Wire)

The first production of copper concentrate marks the beginning of testing the processing plant with ore and the ramping up of mining activities to demonstrate readiness for operations.

“This is a major milestone for Anglo American and its partner Mitsubishi Corporation as the project nears completion ahead of receiving final regulatory clearance for commercial operations to begin,” said Tony Morgan, president of Fluor’s Mining & Metals business. “As execution partners for this mega-project—a state-of-the-art, world-class facility—we are proud to serve as members of the team that helped produce copper in fewer than 4 years after the project was approved.

“The project was delivered on time and on budget during a global pandemic through the commitment and collaboration of many companies using a one-team approach that was supported by many local and regional companies,” Morgan said.

Quellaveco is one of the five largest copper deposits in the world, located more than 3,000 meters (9,842 ft.) above sea level in the Moquegua region of southern Peru. When completed, the open pit mine will process 140,500 short tons (127,500 metric tons) per day of ore via conventional crushing, grinding and flotation technology to produce 330,500 short tons (300,000 metric tons) of copper equivalent on average per year over the first 10 years of operations.

The mine will increase Peru’s copper production by approximately 10 percent and will provide 2,500 direct jobs while including local suppliers in the supply chain.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 41,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $12.4 billion in 2021 and is ranked 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005796/en/

Brian Mershon

Media Relations

469.398.7621

Jason Landkamer

Investor Relations

469.398.7222

Source: Fluor Corporation

FAQ

What is the significance of the first copper production at Quellaveco for Fluor Corporation?

The first copper production at Quellaveco signifies a major milestone for Fluor, marking the start of testing at the processing plant and ramping up of mining activities.

How much copper will the Quellaveco mine produce annually?

The Quellaveco mine is expected to produce 330,500 short tons of copper equivalent annually over the first 10 years of operations.

What impact will the Quellaveco project have on Peru's copper production?

The Quellaveco project will increase Peru's copper production by approximately 10%.

How many jobs will the Quellaveco project create?

The Quellaveco project will create around 2,500 direct jobs.