• So far, the company has spent $230 million. They plan to start construction in 2025.

Following the approval of the Environmental Impact Assessment, Compañía Minera Zafranal's priorities are to begin detailed engineering work this year and to update the project's cost. In this way, they expect to support their request for final investment approval by the end of 2024, revealed their general manager, Mario Baeza.

During his presentation at PERUMIN 36, Baeza estimated that the investment made in the copper project to date amounts to $230 million, a sum that has had a positive impact on the region.

He added that once the final investment decision is approved, they are confident that the construction work on the project will begin in 2025 and will last for three years, with operations starting in 2028.

“We expect to process around 64,000 tons per day in the concentrator plant that we will build for this purpose," he emphasized.

He explained that Zafranal is a sustainable operation because it is located in a semi-desert area that is not in basin headwaters, and there are no Indigenous or peasant communities living there. Additionally, there are no protected natural areas, and the water supply comes from a brackish aquifer under the Pampa de Majes.

He explained that the brackish aquifer is located 100 meters deep and contains accumulated residual water from the past 40 years of irrigation.

“This aquifer contains more than 1.5 billion cubic meters of brackish water that recharges at a rate of 3,000 liters per second. During Zafranal's lifespan, we will use no more than 10% of the aquifer’s capacity, which cannot be used for human or agricultural consumption without treatment," assured Baeza.

Finally, he highlighted the lessons learned, including the choice of a design and layout with minimal impact, early engagement with communities and areas of influence, communication with stakeholders, and an investment policy focused on capacity building, among others.

“Zafranal can be the next project to be built in Peru, and the shareholders want it to become a reality and an opportunity for the development of the Arequipa region," he concluded.