A Peruvian mining company is expecting to secure a major financing investment to begin the construction of a multi-billion-dollar copper mine.
Minsur has revealed that it is expecting to secure between $800 million to $900 million in financing from a group of multinational banks from German, Canada, Australia and South Korea to begin construction on its $1,6 billion Mina Justa copper project.
The Mina Justa copper project is expected to begin operating in 2020, targeting a production rate of around 100,000 tonnes of copper.
The news come not long after the company announced that it had sold a 40% stake in the project to the Chilean Conglomerate Inversiones Alxa S.A. in a transaction valued at $200 million.
Juan Luis Kruger, CEO of Minsur, stated "Mina Justa is the most important project that the Company has undertaken in its history. It represents a transformative milestone in our growth and diversification strategy in the copper industry, enabling us to develop a large‐scale and world class mining asset "
And the good news continues to roll for Minsur, as the company was also recently inducted into the International Council on Mining and Metals (ICMM) after a year long assessment.
The organisation brings together mining companies from around the world that meet the highest sustainability standards and champions the safety, environmental and social performance of the industry.
Gonzalo Quijandría, Minsur’s Director of Corporate Affairs and Sustainability indicated that sustainability is the present and the future of mining. “Our brand ‘SusTINable tin’ highlights the value of our principles and sustainability management. Furthermore, it positions Peruvian mining industry as the one meeting the highest global standards, which shall make all Peruvians proud”, he mentioned.