The former director of the IIMP stated that, despite the figures, the project portfolio is not showing progress due to delays in permits, including environmental ones.

Miguel Cardozo, former director of the Peruvian Institute of Mining Engineers (IIMP) and president of Alturas Mineral, highlighted at the recent event entitled “Heading to PERUMIN: Opportunities for the Comprehensive Development of Cajamarca" that there are 11 mining projects worth US$ 13.948 billion that could start operations on schedule or even sooner.

These projects include the Toromocho Expansion (US$ 815 million); Chalcobamba phase 1 (US$ 130 million), Coimolache Sulfides (US$ 598 million), Coroccohuayco Integration (US$ 1.5 billion), Los Chancas (US$ 2.6 billion), Michiquillay (US$ 2.5 billion), Mina Justa - Expansion (US$ 500 million), Antamina Replacement (US$ 1.604 billion), Tía María (US$                                                                          1.4 billion), Trapiche (US$ 1.038 billion), and Zafranal (US$ 1.263 billion).

In this regard, Cardozo noted that it is important to give them the green light as soon as possible. "This portfolio is limping, it is not moving forward, we have projects that take up to five years to obtain an environmental permit, to be able to start and get to the production stage," he commented.

Regions

According to Cardozo, almost all copper-producing regions are dependent on a single mining project. "Only in Moquegua and Cusco are there two copper projects in production. All departments have projects that need to be advanced, but they are not advancing, and that is a drama," he pointed out.

For example, Arequipa could add three new operations in the short term, and Apurímac has a significant portfolio of projects in development. In contrast, Cusco is facing conflicts that are delaying operations in Antapaccay.

On the other hand, Cajamarca has the potential to become the region with the highest copper production, but its progress is limited by several factors, and the Cerro Corona mine could close in the next five to eight years. "The amount of investment that can be made in Cajamarca reaches US$16 billion," he said.

Likewise, Tacna does not have an additional portfolio of projects and faces the limitation of operating within the 50-kilometer border strip, which is a serious problem. Conversely, Moquegua has added significant production with the Quellaveco project in 2023, with enormous socio-economic, territorial and governance benefits. Finally, Ica has joined the group of important copper producing regions with the Mina Justa project.