Mining company Nexa Resources, known for its large operations in Latin America, manages the largest subway zinc mine, Cerro Lindo, is considering the sale of its Pukaqaqa copper project in Peru.
Possible sale of the Pukaqaqa project
In a statement sent to the local securities regulator(SMV) this week, the company informed informed that it is in “ongoing negotiations related to a possible sale of the Pukaqaqa mining project”.
This project, valued at approximately US$655 million, comprises a copper and golddeposit that is planned to be mined in the traditional open-pit manner, generating copper and molybdenum concentrates. The Pukaqaqa mining project is located in the central region of Peru, more than 4,000 meters above sea level, and is one of several Nexa Resources projects that do not yet have a defined construction start date.
However, according to the company’s projections, the deposit has 83 million tons of measured and indicated resources, in addition to 74 million tons of inferred resources, totaling 157 million tons of essential resources.
Nexa, under the management of Brazilian holding company Votorantim SA, had anticipated in 2018 that Pukaqaqa would start operations in 2023. However, local opposition to the project has delayed the construction decision. The company also has a portfolio of 10 exploration projects in Peru, valued at almost US$60 million.
Nexa currently operates five subway mines: three in the central Andes of Peru and two in the state of Minas Gerais, Brazil. In addition, it manages three smelters, two in Brazil and one in Cajamarquilla. Cajamarquilla east of Lima, which is the largest smelter in the Americas and one of the five largest in the world.
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Source: Mining
Photo: Nexa Resources
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