Fluor Inks Peru, Australia Deals As Markets Seek More Stability

摘要

Mining sector economics appear to be on the rise, with Fluor Corp. announcing construction contracts for what owners and observers say are multibillion-dollar copper and iron ore projects in Peru and Australia. But global trade uncertainties are keeping the mining resurgence shaky. Fluor announced on Aug. 8 notice to proceed on an EPC contract to build the Quelleveco copper mine in southern Peru, an estimated $5.3-billion project that mining unit President Tony Morgan said would tap one of the world's largest undeveloped copper deposits. The open-pit mine was approved on July 26 by the board of developer Anglo-American plc after Mitsubishi Corp. agreed to a 40% stake. It is set to produce 300,000 tonnes of copper per year, beginning in about 2022. Fluor did not disclose the contract amount, but industry analyst Jamie Cook, a Credit Suisse managing director, said in a research note that the "scope could be at least half" of the project amount. Fluor has managed site development since 2014.