The company expects to conduct due diligence to negotiate the project and anticipates that construction would be completed in a relatively short timeframe.

During his presentation at PERUMIN 36, Adolfo Vera, president, CEO, and director of Southern Peaks Mining, revealed that the company is negotiating with another company to acquire a copper deposit located in the Arequipa region. This would be the third asset in their portfolio of mining units.

“We are a company that has grown by acquiring mines and projects, and we continue to do so. Now we are looking at an interesting project in the South, and we have already had some conversations with the current owners. There is a good fit between what we have on the table and what this new initiative brings,” he said in an interview with the Peruvian Institute of Mining Engineers.

According to Vera, while nothing is official yet and aspects are still to be discussed between the two parties, this transaction could materialize, accelerating the construction of a mining operation in a relatively short timeframe. It would not only increase the company's production but also boost the national copper supply.

“We like what we have seen so far, but of course we need to do a lot more studies, including more due diligence, to see if we can actually reach favorable terms with the potential seller. This project would be our third copper deposit," he said.

On another note, Vera stated that Southern Peaks Mining has expansion plans for the Condestable operating unit located in the province of Cañete, in the Lima region, where the increase in geological potential was recently confirmed. The new Mineral Resources and Reserves report is currently in the certification process.

Similarly, there are open pit opportunities that are in the early stages of study, but fortunately, there are a lot of brownfield expansion options at this deposit," the director emphasized.

With this in mind, he added that the mining company is targeting completion of the NI 43-101 technical report on this unit by the end of October or mid-November, or later this year at the latest. However, this will depend on the time required by the specialist consulting firm for data collection and report preparation.

"Looking ahead to next year, we expect to produce 25,000 tons of fine copper equivalent at Condestable, representing growth of approximately 10%. We also plan to invest approximately $50 to $55 million as a result of the development of a tailings filtration project at the same operation," said Adolfo Vera.