Peru advances copper exploration projects

Eight Peruvian copper projects in the exploration stage, involving a combined US$41.5 million, have advanced permitting in Q2.

And the US$4.7mn Willay greenfield project, owned by Brazil's Vale, received authorization to begin exploratory drilling.

The energy and mines ministry's (Minem) exploration portfolio involves 75 initiatives in 17 regions valued at US$644mn. The ministry will soon provide a complete update of the portfolio.

In its Q2 report, Minem said it approved the environmental management instrument (IGA) for the following projects:

– Hudbay Perú's US$13.3mn María Reyna (Cusco region);
– Kaizen Discovery's US$6.6mn Pinaya (Puno);
– Teck Perú's US$4.9mn Quellopunta (Huancavelica);
– Aftermath Silver Peru's US$5mn Berenguela (Puno);
– Minera Peñoles US$2.5mn Pucajirca (Áncash);
– Minera Peñoles' US$1.2mn Qanqawa (Apurímac).

Preliminary prior consultation to obtain community approval has been completed for María Reyna, Pinaya and Quellopunta, in addition to Nexa Resources' US$4.4mn Huarangayoc (Áncash) and Las Bambas Mining's US$3.6mn Bordebamba (Apurímac) projects.

Meanwhile, Vale plans to drill 69 holes across 20 exploration platforms over 23 months at Willay, located in Arequipa region.