Hudbay Minerals will invest $90mn in a Peruvian copper mine this year.
The Canadian company’s investment will go towards developing the Costancia mine’s infrastructure sustainability works, as well as surface operations, according to media reports. The mine will produce 106,000mt of copper and 2.07mn ounces of silver this year, the company said.
The company will invest $36mn in each of 2021 and 2022, and $738mn between 2023 and 2036. The Constancia property includes Pampacancha, a high-grade satellite copper deposit, located 4km kilometres from the Constancia mill.
The mine, located in the Andes Mountains in the country’s south, has the lowest-costing open-pit sulphide copper mine in South America.
Mining is one of Peru’s most important economic activities, representing about 9pc of its GDP and 60pc of exports. Copper and gold are the most important metals exported by value.