Xstrata expands Peruvian mine
MINING group Xstrata is to invest $1.47billion (£1billion) in expanding a Peruvian copper mine.
The move will boost production at Tintaya by 60 per cent and extend its life by up to 20 years. Analysts said the move was a key part in the company’s plans to boost production by 50 per cent by 2014 and the shares rose 3½p to 909½p.
JP Morgan Cazenove analyst David Butler said the market was sceptical over the company’s ability to deliver but he felt it could. “We continue to like Xstrata,” he said.