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Glencore Plc, led by South African mining executive Gary Nagle, has taken full ownership of the undeveloped Quechua copper project in southern Peru after Japan’s JX Advanced Metals agreed to sell its entire stake for an undisclosed amount.
The deal gives the Swiss mining giant a project near its Antapaccay and Coroccohuayco operations, thus expanding its footprint in one of Peru’s main copper-producing regions.
JX said it is selling Quechua to reduce exposure to mining assets vulnerable to price swings and to focus on advanced materials for electronics and industrial manufacturing. Glencore said the project could support nearby mines with shared infrastructure. Peru’s mining authorities estimate development would require about $1.29 billion in investment.
A long-held but undeveloped asset
Pan Pacific Copper, JX’s mining unit, acquired its interest in Quechua in 2007 for about $40 million. The company carried out several feasibility studies over the years but did not move ahead with construction, choosing instead to prioritize its Caserones copper mine in Chile.
At the time of acquisition, PPC expected Quechua to start production in 2012, with output targeted at about 210,000 metric tons of copper concentrate a year, equivalent to roughly 60,000 tons of copper. The project is estimated to hold about 260 million metric tons of mineral reserves.
JX shifts focus to advanced materials
JX is a major producer of sputtering targets, materials used to coat semiconductors and other components in chipmaking. Since 2019, it has gradually redirected capital toward materials used in smartphones, vehicles and telecom networks, after posting heavy losses at Caserones.
PPC, Japan’s largest refined copper supplier, is 47.8 percent owned by JX, with Mitsui Mining and Smelting holding 32.2 percent and Marubeni owning 20 percent. JX still holds stakes in several large Chilean mines, including Caserones, Los Pelambres and Escondida. A company spokesperson said no decision has been made on selling those interests, though options are being reviewed.
Glencore deepens its Peru footprint
Founded in the 1970s, Glencore employs roughly 150,000 people across 35 countries. The company is a key supplier of copper, nickel, and cobalt, essential for electric vehicles and power grids. Its wholly owned Antapaccay mine, operational since 2012, produced 146,000 tons of copper in concentrate in 2024 and supported about 4,500 direct and indirect jobs.
Glencore also owns Coroccohuayco, holds a stake in Antamina, and operates logistics and marketing businesses in Peru. The company recently secured government support to maintain operations at Australia’s Mount Isa copper smelter and has pursued acquisitions in energy and refining across Asia.
