Anglo-American will update a feasibility study for the Quellaveco copper project in southern Peru as a result of changes in the world copper market, a company official said Friday.

"The new study will take 18-24 months. A team is being chosen now to carry out the study. The project's future will depend on the results of the study," Eduardo Rubio, manager of external relations at Anglo-American's Lima office.

Quellaveco was privatized in the early 1990s but the deposit's development has stalled due to international copper prices and difficulties over the water supply for the project. Quellaveco is located in the Moquegua District, 1,000 kilometers southeast of Lima. Last week, President-elect Alan Garcia told a business conference that Quellaveco's investors would come to Peru soon to carry out studies on the deposit. He had met with officials of Anglo-American earlier this month.

Anglo-American holds an effective 80% interest in the project and the International Finance Corporation holds a 20% share.