Buenaventura eyes $2bn copper project in Peru – chairperson
AREQUIPA, Peru – Buenaventura is considering making a bid on a $2-billion copper project in Peru as the precious metal miner's gold production dwindles and copper prices rally, the company's chairperson told Reuters on Tuesday.
Speaking at the Perumin industry convention in Arequipa, Peru, Roque Benavides said Buenaventura has already bought the paperwork required to take part in the November 15 auction for Anglo American's former project Michiquillay.
"It's a very big project, a big bite. We're going to evaluate it," Benavides said in a brief interview between panels at Perumin.
Buenaventura could develop Michiquillay by sharing infrastructure with two other proposed mines in the northern region of Cajamarca: the proposed $4.8-billion gold project Conga that Buenaventura and Newmont Mining shelved due to violent protests in 2011 and China Minmetals' copper and gold project Galeno.
"There might be synergies among Michiquillay, Galeno and Conga. None of those three projects can be developed separately," Benavides said without specifying why.
Yanacocha, Newmont and Buenaventura's joint venture, is seeking to produce more copper as its gold production diminishes at its namesake mine, Benavides said.
Yanacocha was once one of the region's biggest gold mines and Conga had been expected to help offset diminishing reserves.
"There's relatively little gold left," said Benavides.
Anglo American returned its contract for Michiquillay to Peru in 2014 due to capital constraints, and had estimated that the deposit could produce some 200 000 t/y.
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