Peru’s coffers get $600,000 following approval of mining-related permits

On the other hand, Chinalco’s Toromocho copper mine obtained approval for the modification of its beneficiation plant which is part of the mine’s phase II expansion project. The initiative will allow production of the red metal to rise to  170,000 tonnes from the current 141,000 tonnes. 

Similarly, Hochschild Mining’s (LON: HOC) modified environmental impact assessment for its flagship Inmaculada gold-silver mine in southern Peru was greenlighted. This approval will allow the company to expand the mine’s life for another 20 years and create over 750 new jobs. 

According to the Ministry of Economy and Finance, other environmental management instruments and authorizations for mining projects were ratified, such as those submitted for Newmont’s Yanacocha gold project, MMG’s Las Bambas copper mine, Profundización Retamas, Yumpag, Pucamarca, and others.

“The relaunching of the new EESI strategy and the articulated effort of the competent entities have made it possible to make the aforementioned mining projects viable and regain the confidence of big companies, guaranteeing an adequate investment climate that is predictable and provides legal certainty,” the ministry’s statement reads.

The government department also noted that, in addition to the prior, mining companies have already announced or ratified $10.5 billion worth of projects. Among such initiatives are Rio Tinto and First Quantum Minerals’ $5-billion La Granja project, one of the largest undeveloped copper deposits in the world; Glencore, BHP Group, Teck Resources and Mitsubishi’s $2-billion extension project for the Antamina copper mine; the $1.5 billion Coroccohuayco project, also by Glencore; the $1.4-billio Zafranal project; the almost $600-million Falchani project, owned by American Lithium Corp., among others.