Peru approves environmental studies for Buenaventura Copper Project worth $3.4 billion

The state certification office of Peru announced that the country approved an environmental study on Wednesday for Buenaventura - one of the largest mining firms in Peru - to proceed with its southern Trapiche Copper Project with an estimated investment amounting to $3.4 billion.

The Environmental Certification Office SENACE said that the detailed environmental impact study "guarantees" the development of high sustainability standards in Peru's Apurimac Region.

SENACE stated that although the approval of the study is an important step, it does not in itself 'authorize the miner' to start operations.

Peru is the third largest copper producer in the world. The South American regulators require that miners obtain other permits, including a building license?before they can start extracting ore.

Buenaventura executives, who own several gold and silver mines in the country, said that Trapiche would be one of their most important copper projects when it is operational after 2030.

Buenaventura owns close on 20% of Cerro verde, one of Peru's largest copper deposits. Freeport McMoRan, a U.S. based company, runs the mine.

(source: Reuters)