Vice President of Finance, Treasurer and CFO of Southern Copper Corporation (SCCO), Raúl Jacob, announced that the exploration stage of the mining project Michiquillaylocated in Cajamarca, is close to starting.
“We are already starting the exploration stage in Michiquillay. Our goal is to drill 70,000 meters with more than 140 platforms to evaluate mineral resources,” said Jacob at the Perumin 35 Mining Convention. He also stated that these diamond drilling works will help understand how the deposit behaves and, later, , to propose a long-term investment program, as well as to see what technologies will be implemented to carry out the mining project located in Cajamarca.
The mining project has a investment plan of US$ 2,400 million to produce 240,000 tons of copper. In addition, they estimate revenues of US$ 1,500 million. “In five years, we hope that the investment will be recovered,” said the director of the mining company.
During his speech at the Mining Summit, he revealed that have the Michiquillay Social Fundwhose purpose is to promote the development of the communities in the area of influence of the project.
“To the date 65 social investment projects have been carried out in the area. US$ 167 million have been executed and US$ 101 million more remain. In addition, we have a good portfolio of projects”, said Jacob. Additionally, he explained that, when Michiquillay begins operations, 3% of sales will go as a contribution to the Social Fund.
What impact does Perumin 35 have in Arequipa?
Perumin 35 has a positive impact on the city of Arequipa because it will generate approximately S/ 80 million in economic movement for the city’s hotel, gastronomy and tourism sectors.