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Investment in La Granja mining project will exceed US$2.4 billion

Investment in La Granja mining project will exceed US$2.4 billion

public company SAC Mining Assets (Amsac) reported that it signed with red river the addendum to the transfer contract La Granja mining project, located in the district of Querocoto, province of Chota (Cajamarca). In the agreement they participated as interveners ProInversión, Río Tinto Western Holdings Limited and First Quantum Minerals Ltd.

The general manager of Amsac, Antonio Montenegro, maintained that initially the investment cost of the La Granja project (Capex) amounted to almost US$2,000 million, but with the signed addendum, the investment exceeds US$2,400 million, and it becomes a world-class project.

Prior to signing the addendum, Río Tinto reported the agreement reached with First Quantum Minerals Ltd. for it to acquire a stake in the project as a strategic partner and carry out the feasibility study. In this way, the continuity of the project is ensured and its execution is guaranteed.

The executive director of ProInversión, José Salardi, highlighted that the signing of the addendum increases investment in the mining sector. “With this, Peru continues to guarantee its future, because it will result in an increase in mining productionincreased exports and higher income for the country,” he added.

As part of the agreements for the subscription of the addendum, Río Tinto paid the sum of US$16.3 million, of which 50% (approximately US$8 million) will go to the La Granja Social Fund and will benefit directly and indirectly to the surrounding communities.

It should be remembered that, in 2006, ProInvestment through a process of promoting private investment, the La Granja project was awarded to the mining company Río Tinto. The addition of First Quatum will jointly finance the capital and operating costs of the feasibility study and development of the project.

Source: Larepublica

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