Peru exploration projects involving over US$50mn get drilling nod

Peru approved the start of drilling at two exploration projects involving a combined US$56.6mn.

Macusani Yellowcake’s Quelcaya (US$5.6mn) and Minera Poderosa’s Palca (US$51mn) projects have formally received final authorization to start work, according to a new report from the energy and mines ministry (Minem).

In mid-September, the government also gave final approval for the start of exploration at the Willay project (US$4.7mn) and the initial go-ahead to eight initiatives valued at US$41.5mn that are still in the early stages – environmental management instruments (IGA) and preliminary prior consultation (CPP).

PROJECTS  

Quelcaya is a greenfield lithium project in Puno region, in the southern highlands of the country. The project, owned the subsidiary of American Lithium in Peru, involves 18 drilling platforms and 15.9km of access roads. According to Minem, the exploration will take 18 months.

Macusani Yellowcake also has the Falchani lithium project, also in Puno, which is valued at US$681mn and is expected to begin operations in 2027.

The Palca gold project is a brownfield initiative in La Libertad region.

According to Minem, Poderosa plans to carry out 30,310m of diamond drilling inside the deposit. At the beginning of this year, company executives indicated that the objective for 2024 was to carry out greater exploratory activities and reinforce internal security.