New project approval should allow Peru to produce four million tonnes of copper annually in coming years – minister

By 2026 and through 2044, Cerro Verde expects to deliver a targeted average mill production rate of 420,000 metric tons of ore per day by 2026 through 2044. Mining activities are projected to end in 2052 when the current reserves are expected to be exhausted.

According to Minister Mucho, this expansion paired with the development of other projects such as Panoro Minerals’ (TSXV: PML) Cotabambas, Regulus Resources’ (TSXV: REG) Antakori, Newmont’s (NYSE: NEM) Conga and Galeno, Rio Tinto (NYSE, ASX: RIO) and First Quantum Minerals’ (TSE: FM) La Granja and Southern Copper’s (NYSE: SCCO) Michiquillay will allow the Andean country produce four million tonnes of copper per year, nearing Chile’s production.

Talking about gold projects, the government official also announced the approval of a modified environmental impact assessment for the Tantahuatay project, which is held by Compañía Minera Coimolache, a company owned 40% by project operator Buenaventura (BMV: BVNN), 44% by Southern Copper (NYSE: SCCO) and 16% by ESPRO, a private company.

Tantahuatay is a heap leach gold-silver operation, mining the oxide cap of an extensive copper-gold sulphide resource located in the northwestern Cajamarca region.

During an address before the Energy and Mines Commission of the Peruvian Congress, Mucho also advertised the upcoming approval of the Pucamarca gold project, located in the southern Tacna province and operated by Minsur, a company owned by Breca, one of the country’s top investment groups.

“The Ministry of Energy and Mines promotes sustainable mining projects in the country because mining is the main support of our economy,” Mucho. “This activity generates large resources so that infrastructure and electrification projects, among others, can be carried out to improve the quality of life of Peruvians.”