Anglo American has announced the start of commercial copper operations at its Quellaveco project in Peru, following the successful testing of operations and final regulatory clearance. Quellaveco is expected to produce 300,000 tonnes per year of copper equivalent volume on average over its first ten years.Anglo American expects that Quellaveco will ramp up fully over the next 9-12 months. Following a thorough commissioning and testing period, and receipt of final regulatory clearance, production guidance for Quellaveco in 2022 is revised to 80,000-100,000 tonnes of copper (previously 100,000-150,000) at a C1 unit cost of c.150c/lb, previously c.135c/lb. Production guidance for Quellaveco in 2023 and 2024 is unchanged at 320,000-370,000 tonnes of copper.Production guidance for Chile is tightened to 560,000-580,000 tonnes of copper (previously 560,000-600,000 tonnes) due to lower throughput at Los Bronces caused by a combination of water restrictions and a change in ore characteristics. 2022 C1 unit cost guidance is revised to c.160c/lb (previously c.150c/lb), reflecting the impact of lower volumes and inflation.