Peru to tender Michiquillay mining project in Sep-Oct 2017

El ministro de Economía, Alfredo Thorne, inicia las sesiones en la bolsa de valores Nasdaq, en el marco del cierre de las actividades del Road Show de InPerú que se realiza en Nueva York. Foto: ANDINA

14:21 | New York (U.S.), May. 31.

The Peruvian Government plans to issue the call for tenders for Michiquillay mining project in September or October this year, Economy and Finance Minister Alfredo Thorne estimated on Wednesday.

"Michiquillay is coming, it is underway. [State-run] Private Investment Promotion Agency [ProInversion] has a schedule, and the idea is to issue it [the call for bids] between September and October," the government official told reporters.

Michiquillay copper deposit is located in the western slopes of the Peruvian Andes in northern Cajamarca region. 

Its potential production is estimated at 200,000 tons of copper per year.

The venture is to be re-auctioned following the withdrawal of Milpo company over disagreements regarding conditions. 

Mining investment rebound

The finance head also highlighted measures by President Pedro Pablo Kuczynski's administration to promote mining investments, which —he assured— are bouncing back in the Andean country.

In this respect, Thorne stressed the need to consolidate said new trend by boosting major investments, as is the case of Michiquillay. 

The minister also referred to Peru's positive result in Fraser Institute's latest Annual Survey of mining companies, which places the Inca nation as Latin America's most attractive jurisdiction for mining investments. 

U.S. investors

In addition, Thorne underscored U.S. investors —with whom he met during inPeru's 12th North America Road Show— have expressed their interest in the national market thanks to its favorable project development conditions. 

"We are starting to see the results of the government's early measures to promote mining investment, and we hope to see more of these investments relatively soon," he concluded. 

Remarks were made after participating in the trading session opening of NASDAQ, the U.S. largest electronic market, as part of inPeru's Road Show closing activities.


Published: 5/31/2017
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