Andina

Southern Peru awarded Michiquillay mining project

Michiquillay

Michiquillay

13:18 | Lima, Feb. 20.

Southern Peru Copper Corporation on Tuesday won the bidding process involving Cajamarca-based Michiquillay mining project by presenting a US$400 million transfer price, and higher royalty payments (3%).

Peru's Private Investment Promotion Agency (ProInversion) declared Southern Peru the winner, as the corporation's offer exceeded that of Milpo company (US$250 million + 1.875% in royalties).

From the 10 bidders, the two aforementioned were the only ones that managed to present technical and economic proposals.

About 

Said mining project includes a porphyry copper deposit featuring minerals such as copper, gold, silver, and molybdenum. 

Corresponding investment entails some US$2 billion. 

Event

The auction event was held Tuesday at the Energy and Mines Ministry headquarters in Lima.

Extra

Click to learn why Michiquillay is key for Peruvian economy.

(END) RGP/JJN/FGM/MVB

Published: 2/20/2018