Peru Approves $3.4 Billion Trapiche Copper Project Study
Peru has approved an environmental study for the $3.4 billion Trapiche copper project. The miner needs more permits before starting work in the Apurimac region.
The government of Peru has officially approved a key environmental study for the Trapiche copper project, clearing a major hurdle for the mining firm Buenaventura. The project, located in the Apurimac region, represents a significant investment of approximately $3.4 billion. The state certification office, SENACE, confirmed that the study meets the necessary standards for sustainable development.
The evaluation of the detailed environmental impact study guarantees the development of activities under high sustainability standards in the Apurimac region.
While the certification marks a significant milestone, SENACE emphasized that the approval does not authorize the immediate start of mining operations. Buenaventura must still secure additional permits, including a construction license, before extraction can begin. Company executives have stated that Trapiche is expected to become one of its most important copper assets once it becomes operational, which is currently projected for after 2030.
Peru is the world's third-largest copper producer, and the development of large-scale projects like Trapiche is seen as essential for maintaining its global market position. In addition to its own projects, Buenaventura holds a nearly 20% stake in the Cerro Verde mine, one of the largest copper deposits in the country. That operation is managed by the United States-based miner Freeport-McMoRan Inc..
