Peru mining exploration projects show progress during 2024

Mining exploration projects in Peru have seen significant progress in 2024, and 15 initiatives – valued at US$167mn – have received various types of permits to continue activities.

With the latest approval of a first permit called an environmental management instrument (IGA) for Shougang Hierro Perú's CPS N1 project – valued at US$10.7mn – 2024 will end with three projects with approved IGAs involving US$44.4mn, seven initiatives that have moved on to the preliminary consultation stage (US$35.3mn) and five with permits to begin exploration drilling (US$87.7mn).

The figures come from an energy and mines ministry (Minem) report in November. According to the ministry, Peru has a portfolio of 75 exploration projects involving a total of US$644mn in various stages and the objective will be to turn them into investment projects in the medium or long term.

Shougang Hierro

The CPS N1 brownfield iron ore project in southern region Ica was the latest to receive approval. According to Minem, Shougang seeks to identify new iron ore deposits through 662 diamond drilling holes over 57 months.

The company – owned by China’s Shougang Group – plans to invest US$24mn to expand mines 11 and 14 along with the relocation of mine 20 and work on its transmission lines and concrete plants. According to a report sent to environment agency Senace, the expansion and relocation of the mines will take until the first months of 2025 while the rest of the work will take until 2027.

Following the approval of the IGA, Shougang still needs to start the preliminary consultation and, eventually, receive the exploration authorization. With the latest approval, the following projects have shown progress:

Project	Operator	Stage	Metal	Investment (in millions of US$)
Berenguela	Aftermath Silver Peru	IGA	Silver	5
Romina 2	Chungar Mining Company	IGA	Zinc	28.7
CPS N1	Shougang Hierro Perú	IGA	Iron ore	10.7
Huarangayoc	Nexa Resources	Preliminary consultation	Copper	4.4
Bordebamba	Las Bambas	Preliminary consultation	Copper	3.6
Qanqawa	Peñoles Mining Company	Preliminary consultation	Copper	1.2
Pinaya	Kaizen Discovery	Preliminary consultation	Gold	6.6
Maria Reyna	Hudbay Perú	Preliminary consultation	Copper	13.3
Quellopunta	Teck Perú	Preliminary consultation	Copper	4.9
Qoya-Chullo	BHP World Exploration	Preliminary consultation	Copper	1.3
Willay	Vale Exploration Peru	Exploration Authorization	Copper	4.7
Quelcaya	Macusani Yellowcake	Exploration Authorization	Lithium	5.6
Palca	Minera Poderosa	Exploration Authorization	Gold	51
Tambomayo	Buenaventura Mining Company	Exploration Authorization	Gold	23.9
Pucajirca	Peñoles Mining Company	Exploration Authorization	Copper	2.5

Source: Minem