Anglo American said that construction at its Quellaveco copper project in Peru is expected to begin next year, with initial production in 2014.

Anglo American chief executive Cynthia Carroll said the Quellaveco project is expected to achieve its full annual production of 22,000t of copper in 2015, reports Dow Jones Newswires.

Last year, company officials said the mine could cost up to $3bn to develop.

The copper project is expected to have a life of approximately 27 years.