The Ministry of Energy and Mines of Peru explained that the objective is to promote and initiate mining activities such as exploitation or benefit in accordance with current regulations.
As announced at the PDAC 2024 World Mining Exploration Convention, recently held in Canada, the Ministry of Energy and Mines of Peru (Minem) presented the “Portfolio of Mining Investment Projects 2024”, made up of 51 projects that encompass an investment total of US$ 54,556 million.
Minem explained that the objective is to promote and initiate mining activities such as exploitation or benefit in accordance with current regulations.
The General Directorate of Mining Promotion and Sustainability (DGPSM) of Minem, responsible for the document, highlights that the current portfolio registers an increase of 2.7% (US$ 1,426 million) compared to what was recorded in the July 2023 update (46 projects – US$ 53,130 million).
This, mainly due to the incorporation of six new projects: Ferrobamba Replacement (US$ 1,753 million), Coimolache Sulfuros (US$ 598 million), Justa Underground Mine (US$ 500 million), Colquijirca Replacement (US$ 431 million), Huancapetí Expansion ( US$ 345 million) and Huachocolpa Expansion (US$ 167 million), which total an amount of US$ 3,794 million.
The new document also records in its latest update 40 projects that retain their total investment amount of US$44,392 million, which constitutes 81.4% of the total participation in the new portfolio.
Meanwhile, five projects modified their investment amounts, mainly due to the updates that the owners present in their different studies according to the progress and engineering level of the projects.
Thus, the Coroccohuayco Integration project presented an increase from US$ 590 million to US$ 1,500 million for the development and infrastructure of the deposit and the Antapaccay and Tintaya processing plants. Likewise, the Yumpag project reported an increase from US$ 81 million to US$ 110 million.
For its part, the Corani project recorded an adjustment in its investment amount from US$603 million to US$579 million; and the CAPEX investment of the Pampa de Pongo project decreased from US$ 2,344 million to US$ 1,781 million, an amount that represents the 3 phases of the project as shown in the Modification of the detailed Environmental Impact Study (MEIA-d).
The La Granja project is also included and contemplates an investment of approximately US$2.4 billion, in accordance with what was stated in the signing of the addendum to the project transfer contract.
The new portfolio also indicates that during the last quarter of 2023 and the beginning of 2024, progress was recorded on the Yumpag project (US$ 110 million) with the execution of investments for its development.
While the Inmaculada Replenishment (US$ 1,319 million) and Antamina Replenishment (US$ 1,604 million) projects are close to executing investments, after obtaining their environmental certifications and necessary authorizations.
