Peru: Some US$2.5 bn to be invested in Michiquillay mining project

Explotación minera. Foto: ANDINA/ archivo.

12:02 | Lima, Feb. 22.

Grupo Mexico has said some US$2.50 billion will be invested in Michiquillay mining project, adding its operations might start in 2025.

As is known, Grupo Mexico's Southern Peru Copper Corporation last Tuesday won said bidding process by presenting a US$400 million transfer price, and higher royalty payments (3%).

"The upstream investment nears US$2.5 billion […] Michiquillay will be put into production sometime in 2025. Likewise, it will become one of the most important copper mines in Peru," the enterprise stressed.

Moreover, it informed the Cajamarca-based mining project will produce 225,000 tons of copper per year —as well as molybdenum, gold, and silver by-products— with copper (0.63%) featuring a very competitive unit cost.

Social license

On the other hand, the enterprise pointed out the actions —needed to reach a social agreement— will be made in coordination with the Government and local communities.

"The company's efforts will prioritize the coordinated work undertaken by communities and the Peruvian Government in order to make a social agreement based on solid grounds that support the project."

The company

Southern Copper Corporation is one of the world's top copper-producing companies. Likewise, it currently ranks among the mining companies with the largest reserves of said mineral.

(END) RGP/RGP/FGM/MVB

Published: 2/22/2018

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Peru: Some US$2.5 bn to be invested in Michiquillay mining project

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