AGL - Anglo American plc - Anglo American acquires
AGL
ANAAL
AGL - Anglo American plc - Anglo American acquires Michiquillay Project in Peru
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB0004901517
Anglo American acquires Michiquillay Project in Peru
Anglo American is pleased to announce that it has been awarded the Michiquillay
copper project in Peru following its successful tender in the privatisation
process. A purchase price of $403 million will be paid by Anglo American to the
Peruvian government, staged over the first five years of the project. Half of
this payment will be allocated to a trust fund for the development and benefit
of the local communities. This bid structure provides a welcome opportunity to
substantially improve the lives of those living in the region and Anglo American
looks forward to playing a meaningful role in such development.
Michiquillay is a large, advanced exploration project located in Cajamarca State
in northern Peru, a highly prospective mineral district which already hosts a
number of mines. Anglo American believes that there is significant additional
exploration potential associated with this deposit.
The Michiquillay Project will enhance Anglo American`s major portfolio of copper
projects already under evaluation. Quellaveco, also in Peru, is well advanced
and 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`s
confidence in Peru and its mining industry.
Cynthia Carroll, CEO of Anglo American plc said "Michiquillay is one of the best
undeveloped copper prospects in the world with significant upside potential.
Anglo American has extensive experience in Latin America where we have operated
for many decades and we are excited by this opportunity to expand our activities
in Peru. Anglo American is committed to the highest international standards for
community relations, environmental protection and health and safety and we are
very pleased to be able to bring these skills and experience to Michiquillay.
Anglo American will engage with the local communities as soon as possible in
order to establish a good working relationship, whereafter we can begin our
exploration 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 resource
groups. With its subsidiaries, joint ventures and associates, it is a global
leader in platinum group metals, gold and diamonds, with significant interests
in coal, base and ferrous metals, industrial minerals and paper and packaging.
The group is geographically diverse, with operations in Africa, Europe, South
and North America, Australia and Asia. (www.angloamerican.co.uk)
30 April 2007
Sponsor: J.P.Morgan Equities Limited
Date: 02/05/2007 07:27:01 Produced by the JSE SENS Department.
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