Peru's Las Bambas claims to have explored only 10% of its mining concessions

Peruvian copper miner Las Bambas claims it has only explored 10% of the 35,000ha it has under concession in Apurímac region, where the company’s mine is located. 

Las Bambas has a useful life of more than 18 years and the company is evaluating possible extensions due to the potential of the Chalcobamba pit and the future Sulfobamba pit.

“The Chalcobamba pit is already in the early stages of operation, and we expect to begin exploitation of the Sulfobamba pit in mid-2030,” said Claudio Cáceres, VP of sustainability and corporate affairs at Las Bambas, during the Expocobre 2024 event taking place in Lima.

China’s MMG owns 62.5% of operator Minera Las Bambas, Guoxin International Investment Corporation 22.5% and Citic Metal Company 15%.

According to Cáceres, the mine has potential annual production capacity of 400,000t of copper. Recently, company executives said Las Bambas will produce between 350,000t and 400,000t in 2025 and that Chalcobamba will contribute 40-50%.

According to the company, Las Bambas has reserves of 4.9Mt of copper and resources of 7.6Mt.

Investments

Cáceres said that in addition to the initial US$10.3bn to start up the mine, the company has made further investments of around US$2.6bn between 2016 and 2023 and there are plans to continue investing in both its own infrastructure and infrastructure for common use.

“Las Bambas has invested a considerable amount to improve the land routes used for transporting concentrates [known as the southern mining corridor], a figure of around US$341mn and it’s the responsibility of [roads authority] Provías Nacional. We are currently financing the technical file for the future paving of the entire road in coordination with the transport and communications ministry and Provías Nacional,” he added.