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.
Said mining project includes a porphyry copper deposit featuring minerals such as copper
, silver, and molybdenum.
Corresponding investment entails some US$2 billion.
The auction event was held Tuesday at the Energy and Mines Ministry headquarters in Lima.