Michiquillay was initially explored by Anglo American and privatized in the 1990s. More recently, the project was transferred to Southern Peru through an international bidding process. “Currently, Southern Peru is verifying the exploration program carried out by Anglo American, with apparently very positive results to date,” said Luna. “It is essential that the identified reserves are confirmed and increased to guarantee greater investment security.”

Located in the La Encañada district of the Cajamarca province, Michiquillay has inferred mineral resources of 2,288 million metric tons (mt) and an estimated copper ore grade of 0.43%, in addition to molybdenum, gold and silver by-products.

According to MINEM, the Michiquillay open-pit mine is expected to produce approximately 225,000 mt/y of copper concentrate, exceeding the 120,000 mt/y projected for the Tia Maria project, which will also begin operations in 2027.