Representative of the Canada-based mining company First Quantum Minerals shared its future plans for La Granja, a major copper mine in Peru.
Project development manager Steven Lewis said that the company expects to receive updated drilling results in the second half of next year, and complete feasibility studies by 2028. The latest resource estimate published in 2014 says the project has 4.32 billion tonnes of inferred ore resources at a grade of 0.51% with potential for substantial expansion.
So far, over 300,000 meters of drilling has been completed at the deposit which has extended the known mineralization laterally and to depth.
"The drilling is progressing well, it's at 35%, and we expect to have the results in the second half of next year," Reuters quotes Lewis as saying.
In addition to completing drilling and feasibility studies, First Quantum will also face challenges related to local communities, environmental permits and financing, Lewis said.
"La Granja has the potential to be a larger project, but the ultimate focus will depend on several challenges," he added.
First Quantum acquired a 55% interest in La Granja from Rio Tinto in 2023, and it is the operator of the project. The overall investment in the La Granja project is projected at $2.4 billion. According to data from Peru's mining ministry, the site has the potential to produce 500 000 tons of copper annually with a mine life of 40 years.
Theodor Lisovoy, Managing Editor, Rough&Polished
