Peru approves drilling at two exploration projects

Peru has approved the start of drilling at two mineral exploration projects involving a combined US$26.4mn.

The Tambomayo (US$23.9mn) gold project of Buenaventura and the Pucajirca (US$2.5m) copper project, owned by Minera Peñoles, have received final authorization to begin work, according to a new report from the energy and mines ministry (Minem).

Minem also gave the green light to two projects in early stages – Minera Chungar’s Romina II (US$28.7mn) and BHP’s Qoya Chullo (US$1.3mn), which obtained an initial permit called the environmental management instrument (IGA).

According to the ministry, Peru has a portfolio of 75 mining exploration projects valued at US$644mn in various stages.

This year, with the latest two approvals, Minem has given the nod to five exploitation projects involving US$87.8mn.

Project	Operator	Metal	Investment (US$ million)
Willay	Vale Exploration Peru	Copper	4.7
Quelcaya	Macusani Yellowcake	Lithium	5.6
Palca	Poderosa	Gold	51
Tambomayo	Buenaventura	Gold	23.9
Pucajirca	Peñoles	Copper	2.5

Source: Minem

Tambomayo is a brownfield gold project in southern region Arequipa. Work involves 15 drilling platforms. The deposit also has silver, lead and zinc potential, according to Minem.

Pucajirca is a greenfield copper project in northern region Áncash that also has molybdenum potential. Mexico’s Peñoles plans to carry out exploration for 30 months with the deployment of 40 drilling platforms.