First Quantum Acquires Majority Stake in La Granja Copper Project in Peru
First Quantum Minerals has acquired a 55% stake in the La Granja copper project in Peru for US$105 million in a joint venture with Rio Tinto.
La Granja, located in Cajamarca, northern Peru, holds substantial copper reserves and has the potential to become a significant long-term mining operation.
Following regulatory approvals from the Government of Peru, First Quantum’s investment will total up to US$546 million, exclusively financing operational and capital costs to advance the project through feasibility studies and development.
As the majority shareholder, First Quantum will oversee project operations, with a focus on completing a comprehensive feasibility study.
Bold Baatar, CEO of Rio Tinto Copper, highlighted the importance of the La Granja project in meeting global copper demand for the energy transition.
The partnership between Rio Tinto and First Quantum will leverage their combined expertise to advance the project effectively.
Tristan Pascall, CEO of First Quantum, emphasized La Granja’s potential as a significant copper supplier in the transition to a greener economy.
He underscored the importance of responsible mining practices and community engagement in developing the project.
Rio Tinto acquired the La Granja Project from the Government of Peru in 2006 and has since conducted extensive exploration, expanding known resources and establishing partnerships with local communities and governments.
The joint venture’s completion marks a significant milestone in unlocking the potential of La Granja as a major copper producer in Peru and contributing to global copper supply for sustainable development.
