Southern Copper says still eyeing Anglo American project in Peru
By Teresa Cespedes and Mitra Taj
LIMA, Sept 10 (Reuters) - Southern Copper Corp said on Wednesday that it still hopes to buy a share in Anglo American's $3.3 billion Quellaveco project in Peru, and that talks must now take place at the highest level.
Negotiations on a potential sale of part of Anglo American's 81.9 percent ownership in Quellaveco fell apart in the past year because each company wanted a controlling stake, said Southern Copper's Chief Executive Officer Oscar Gonzalez.
But talks restarted two months ago and Southern Copper is now offering to hold an equal share if it can operate Quellaveco, Gonzalez said.
Southern Copper already runs two mines and a refinery near Quellaveco in southern Peru.
"The proposal will be that each of us controls equal parts...and that we (Southern Copper) operate the project because we've been in the area for 50 years or more," Gonzalez told reporters on the sidelines of a mining conference in Lima.
Gonzalez said that he has spoken with Anglo American officials in London and Lima and that a deal will now have to be worked out between the president of Southern Copper's parent company, Grupo Mexico, and Anglo American's top executive.
Southern Copper and Anglo American are two of the world's leading copper producers.
Mitsubishi Corp owns 18.1 percent of Quellaveco. Continuación...