Xstrata says Peru projects moving ahead on target

from http://www.reuters.com/

LIMA, Nov 23 (Reuters) - Xstrata Copper (XTA.L) said on Monday its projects in Peru, among the largest in the country's crisis-tinged mining sector, are on track.
Peru's President Alan Garcia met with top Xstrata executives to discuss the company's developments, which include Las Bambas and Antapaccay.

The meeting included Mick Davis, chief executive officer of Xstrata; Charlie Sartain CEO of Xstrata Copper; and Jose Marun, head of Xstrata operations in Peru.

Xstrata sees production starting at Antapaccay by the end of 2012 or the beginning of 2013, while it expects Las Bambas to be operational by the close of 2014.

Both are copper projects and, together, are forecast to cost some $5.1 billion to develop.

"We're finishing studies in line with prior projections -- without delay. We're moving forward," said Marun.

The investments would be among the biggest since before the start of the global economic crisis and show that large miners are moving to build new mines before the next big upswing in prices.

Peru, a major metals exporter, is the world's third-largest copper producer.

Also on Monday, Marun said weeks of area protests had not affected production at Xstrata's Tintaya copper mine.

Protesters, worried about the security of water supplies, had been blocking roads near the mine for weeks. By Monday, most highways were clear.

"There have been some entry problems at the mine obviously, but operations are calm," said Marun.