• These include projects such as the Cuajone Expansion, Antamina Replacement and Yanacocha Sulfides.

Peru lacks new mining deposits in production as a result of longer environmental and operational licensing times, lack of agreement with communities for land access, and poor-quality public infrastructure such as roads, ports and power lines.

In this regard, Victor Gobitz, President of Cumbre Minera [Mining Summit], proposed to redirect the future of the mining sector towards brownfield projects, i.e., those that consist of the modification, increase or improvement of the components of the mining operations currently in production, which usually take less than five years to complete.

“Brownfield projects are located within the same footprint of the mining operation, have an environmental impact assessment, use less industrial water and are implemented in two or three years; therefore, the implementation of 10% of this type of projects would be equivalent to a new mine,” he stated after the launch of PERUMIN 36.

Thus, he cited the following as the most important brownfield projects that are near or in the construction stage: Toromocho Expansion (US$ 815 million), Cuajone Expansion (US$ 871 million), Coroccohuayco Integration (US$ 590 million), Antamina Replacement (US$ 1.6 billion) and Yanacocha Sulfides (US$ 2.5 billion).

However, as for greenfield projects or new mines, he emphasized that Tia Maria is the one that has made the most progress, as it has an environmental license and construction permit, and its development will allow the Paltiture dam to be put into operation, which will store and provide regulated water to the Tambo valley and the population, even in dry periods.

“Peru needs new investment to create more jobs, collect more taxes and generate economic growth. And, due to the interruption of the Tia Maria mining project, our country will stop exporting US$ 800 million, considering its annual production of more than 100,000 tons of copper and the price above US$ 8,000 per ton,” the executive estimated.

Finally, Victor Gobitz pointed out that the PERUMIN 36 Mining Summit will be a platform to showcase the main brownfield and greenfield investments in Peru and Latin America, highlighting the most important characteristics, the expansion of the useful life of each asset and the social and economic impact for the regions and the country.

About PERUMIN

PERUMIN 36 is the leading mining convention in Latin America and the world, which will be held from September 25 to 29 at the Cerro Juli Convention Center in Arequipa. It will bring together the most prominent leaders of the global mining sector, investors, researchers and professionals to analyze the challenges and opportunities of the mining industry.