After the green light for Tía María, the Government seeks to expedite Antamina and Inmaculada replacements

Announcement by the Institute of Mining Engineers of Peru (IIMP)

This is an automated translation of the press release issued in Spanish

After the Government gave the green light to the Tía María copper project, which restarts its construction work today, now the goal of the Ministry of Energy and Mines ( Minem ) is to expedite the replacements of Antamina and Inmaculada, in the remainder of the year 2024 Both projects involve a total investment of US$2,923 million.

This was stated by Jorge Soto Yen, general director of Mining at Minem in an exclusive interview with the Institute of Mining Engineers of Peru (IIMP). “Important projects we have are expansions, one we have is Antamina, which transcends the amount of investment. The project is in full evaluation. Also, we have projects from the Minera Minsur company and the Minera Ares company. These have a great impact on the execution of the investment in mining projects,” he told the IIMP.

According to Minem, the Repuesto Antamina copper project is located in the district of San Marcos, province of Huari, in the department of Áncash. The initiative involves a cost of US$1,604 million and is currently awaiting permits for construction and operation.

Meanwhile, Inmaculada Reposition is in the districts of Oyolo and San Javier de Alpabamba, Pacapausa and San Francisco de Ravacayco, in the province of Páucar del Sara Sara and Parinacochas, in Ayacucho. It is made of gold and has an investment of US$1,319 million. Currently, Minem is evaluating the permit to begin exploitation.

“We have investment authorizations for US$6 billion for the years 2024, 2025 and 2026, which sets us on a path that Peru will continue to grow by at least 1% of the GDP contribution from mining,” commented the general director of Mining of Minem to IIMP.

Finally, Soto announced that he also aims to expedite exploration projects. He said that to date, there are approximately US$160 million in 18 initiatives that will be evaluated during the second half of the year. “At least 30% of these US$160 million are going to be invested in La Libertad and that must be rescued. “La Libertad continues to be one of the most important regions in Peruvian mining investment in regards to gold investment,” he concluded.