The auction for Cajamarca-based Michiquillay mining project —which entails a US$2 billion investment, plus a contribution of 0.5 percentage points to Peru's annual GDP growth in the coming years— has been scheduled for today.
Said project includes a porphyry copper deposit featuring minerals such as copper
, silver, and molybdenum.
According to Private Investment Promotion Agency (ProInversion) Executive-Director Alberto Ñecco, there are —currently— 10 bidders
interested in Michiquillay.
Likewise, Ñecco said expectations are based on higher copper
prices, as well as the social support granted by communities residing in the direct influence area.
Impact on Peru's workforce
Former Deputy Mines Minister Romulo Mucho said the positive labor and economic impact will be felt in —at least— three years, once the mine construction begins, following completion of feasibility and environmental impact studies.
"In order to build the project, no fewer than 10,000 workers will be required. Likewise, it [Michiquillay] will demand some US$2 billion, which will give rise to a dynamic movement related to the mining project," he said.
For his part, National Society of Mining, Oil, and Energy (SNMPE) President Carlos Galvez underlined the importance of said venture to the Inca nation and copper production.
"The project might —at the beginning— be providing some 100,000 tons of copper
per year, which is an important contribution," the officer pointed out.
"Yet, the most relevant contribution will be made to the country, as it means mining projects will start to move forward," he concluded.