The Las Bambas copper mine has announced an investment program of 2 billion soles (US$611.5 million) to develop 299 projects in the influence zone of the mine site, according to Peru’s Minister of Energy and Mines Gonzalo Tamayo.
Las Bambas contributed 18% of the copper production in Peru and generated $40 million in royalties in 2016 and is expected to reach $60 million during 2017. Las Bambas is located in Cotabambas, in the Apurimac region of Peru, and is a joint-venture project between the operator MMG (62.5%), a wholly owned subsidiary of Guoxin International Investment Co. Ltd (22.5%), and CITIC Metal Co. Ltd (15%).
Tamayo stressed that the mining projects of Las Bambas, Constancia and Toromocho allowed the country to be the second-largest exporter of minerals in the world in 2016.
The mining sector vice-president of the National Society of Mining, Oil and Energy, Juan Luis Kruger, said the total mining portfolio in Peru is 47 projects in 15 regions, which have a total value of $46,996 million.