Polymetallic miner Milpo, controlled by Brazil’s Votorantim Metals, said it would not submit an offer for the Michiquillay project after receiving a proposal from Proinversion, a Periuvian government’s agency aimed to encourage local investment, to make changes to the project.

Milpo said the proposed changes are not compatible with market conditions. The company prepared a comprehensive proposal that included the social, environmental, technical and economic aspects of a mining project in the exploration stage, “with important challenges,” as in the case of Michiquillay.