PORTFOLIO OF MINING CONSTRUCTION PROJECTS · Michiquillay Southern Perú Copper Corporation, Peru Branch Cajamarca Copper Pre- Feasibility 2.500 Ollachea Minera Kuri Kullu S.A. Puno

General Directorate of Mining Promotion and Sustainability

3 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

SYMBOLOGY AND ABBREVIATIONS

Weights and measurement Minerals t Metric ton Ag Silver

kt Thousand tons Au Gold

Mt Million metric tons Cu Copper

ozt Troy ounce (31.1035 g) Fe Iron

koz Thousand ounces Mo Molybdenum

Moz Million troy ounce Pb Lead

lb Pound Zn Zinc

Klb Thousand pounds Sn Tin

Mlb Million pound U Uranium

m Meter Li Lithium

km Kilometer P2O5 Phosphate

FMT Fine metric tons U3O8 Triuranium octoxide

Geographic abbreviations Production m.a.s.l Meters above sea level

g/t Grams per tons

oz/t Ounces per tons

Currency ppm Parts per million

US$ American dollars tpd Metric tons per day

MMUS$ Million US dollars tpy Metric tons per year

Power and Energy Companies

MW Megawatts Inc. Incorporated

MWA Annual Megawatts Int. International

MVA Megavolt-ampere Ltda. Limitada

Ltd. Limited

S.A. Sociedad Anónima

Metallurgical processes S.A.A. Sociedad Anónima Abierta

SX Solvent extraction S.R.L. Sociedad de Responsabilidad Limitada

EW Electrowinning S.A.C. Sociedad Anónima Cerrada

Co. Company

Stock Market Lp. Limited Partner

NYSE New York Stock Exchange Corp. Corporation

LSE London Stock Exchange S.A.B de C.V. Sociedad Anónima Bursátil de Capital Variable

TSX Toronto Stock Exchange

Entities Instruments for Environmental Management

SENACE National Environmental Certification Service for Sustainable Investment

IGA Environmental Management Instruments

MINEM Ministry of Energy and Mines EIA Environmental Impact Assessment

EIAd Detailed Environmental Impact Assessment

Reserves and Resources

EIAsd Semi-detailed Environmental Impact Assessment

(P&P) Proved and probable TSR Technical Support Report

(M&I) Measured and indicated MEIA

Modification to the Environmental Impact Assessment

MEIAd

Modification to the Detailed Environmental Impact Assessment

MEIAsd

Modification to the Semi-detailed Environmental Impact Assessment



EXECUTIVE OVERVIEW

The General Directorate of Mining Promotion and Sustainability is pleased to submit the 2019

Portfolio of Mining Construction Projects that consists in 48 projects with an investment of US$57.8 billion. These investments include new mining construction projects, expansion or

replacement of existing mines, and reuse of tailings.

This publication includes an analysis of investments according to the main characteristics of the

projects. Subsequently, it submits an estimated projection for the investments for the coming years and concludes with the description of the changes concerning the Portfolio from 2018.

Additionally, technical sheets have been prepared for each project describing general data,

location, investment, technical data, as well as the description of the current situation, among

others.

Section II contains information on the portfolio of mining projects by year of construction, location, investor's country, progress phase, type of mine, type of mineral to be extracted, among

others. This chapter also includes an analysis of water consumption according to the projects source of supply.

The main recorded changes regarding the 2018 Portfolio are described in section III.

Subsequently, section IV presents the annualized projection of investments in three periods: investments carried out until 2018, investments to be carried out between 2019 and 2022, and

investments to be carried out after 2022.

In the last section, section V, we present an analysis of the macroeconomic impact for mining

projects, as well as an estimate of mining production, mining employment and gross value added by 2022. Finally, the Annexes present the methodological aspects and technical sheets of the

projects.



INDEX

EXECUTIVE OVERVIEW ................................................................................................. 4

INDEX ........................................................................................................................... 5

I. INTRODUCTION ..................................................................................................... 6

II. PORTFOLIO OF MINING CONSTRUCTION PROJECTS ......................................... 7

2.1. Start of projects construction .......................................................................... 9

2.2. Investments according to the projects location ............................................. 10

2.3. Investments according to the country of origin of the principal investor ....... 11

2.4. Investments according to type of project ...................................................... 12

2.5. Investments according to the stage of the project ........................................ 13

2.6. Investments according to the situation of the environmental impact assessment ....................................................................................... 14

2.7. Investments according to mining type .......................................................... 16

2.8. Investment according to the mineral to be extracted .................................... 17

III. CHANGES RECORDED IN THE PORTFOLIO ....................................................... 19

IV. ANNUALIZED INVESTMENT PROJECTIONS ....................................................... 22

4.1. Investments executed until 2018 .................................................................. 22

4.2. Investment projection 2019-2022 ................................................................. 23

4.3. Investment projection after 2022 .................................................................. 23

V. MACROECONOMIC IMPACT .................................................................................. 24

ANNEX 1: METHODOLOGY ...................................................................................... 27

ANNEX 2: TECHNICAL SHEET FOR PROJECTS ............................................................ 29



I. INTRODUCTION

The relevance of mining activity in Peruvian economy has been remarkable in recent years being

an undeniable engine for population growth and development. In 2018, mining activity represented 9.4% of national GDP, 60% of the total value of national exports and 10.8% of the

income collected by the National Superintendency of Customs and Tax Administration (SUNAT, for its Spanish acronym).

The mining sub-sector has still played an important role in generating foreign exchange and employment, as well as contributing to the Peruvian national treasury. Transfers to Regional and

Local Governments for mining concepts also benefited the entire national territory, reaching S/ 4.875 billion. This amount represents a substantial increase of 47% compared to the total amount

recorded in 2017, being the highest figure in the last 5 years and reflecting the positive

performance of mining activities in Peru.

Consequently, mining investments are fundamental for the Peruvian economy, because mineral resource exploration and the construction of new projects foster the continuity of mining's

contribution to the country's development. It is essential for Peru to have an overview of the potential projects that will contribute to developing this activity in the coming years.



II. PORTFOLIO OF MINING CONSTRUCTION PROJECTS

The 2019 Portfolio of Mining Construction Projects comprises 48 projects with an investment of

US$57.8 billion. This portfolio includes projects aiming to build new mines (Greenfield), expand

or replace current mines (Brownfield), as well as reuse of tailings projects (Greenfield). Additionally, the aforementioned projects comply with three requirements:

i. Investment (CAPEX) over US$70 million.

ii. Commencement of operation or commissioning in the next 10 years.

iii. As a minimum, they have or are developing their pre-feasibility studies.

From the 48 projects in the portfolio, 7 are under construction with a total investment of US$9 billion. Likewise, 3 projects are in the detail engineering stage with an investment of US$4.2

billion, 15 are in the feasibility stage with US$16.2 billion, and 23 remaining projects are in the pre-feasibility stage with an investment of US$28.4 billion.

Depending on the mine type, there are 28 open pit projects, 11 underground operations, and 5 combined operations (open pit and underground). In addition, there are 3 projects that have not

yet defined the type of mine and 1 project corresponding to the construction of a new tailings treatment benefit plant.

Regarding to the supply source for water consumption, 27 projects have a single water source, 6 projects have a mixed source and 15 do not have information available about the definition of

its supply source.

According to the main mineral to be extracted, 25 are copper projects and represent 71% of the

total investments. Likewise, there are 7 gold projects that represent 11% of the total investments. The remaining ones correspond to iron, phosphate, zinc, silver, uranium, lithium and tin projects.

Table 1 shows a summary of the main characteristics of the portfolio projects:



Table 01: Portfolio of Mining Construction Projects (01.09.19)

Construction start

Commencement of operations

Project Operator Region Main

Mineral Project Stage

Global investment

(US$ million )

Und

er

co

nstr

uctio

n

2019 B2 San Rafael Tailings Minsur S.A. Puno Tin Construction 209

2020 Mina Justa Marcobre S.A.C. Ica Copper Construction 1.600

2020 Quecher Main Minera Yanacocha S.R.L. Cajamarca Gold Construction 300

2021 Toromocho Expansion Minera Chinalco Perú S.A. Junín Copper Construction 1.355

2021 Ariana Ariana Operaciones Mineras S.A.C. Junín Copper Construction 125

2022 Quellaveco Anglo American Quellaveco S.A. Moquegua Copper Construction 5.300

2022 Santa María Expansion Compañía Minera Poderosa S.A. La Libertad Gold Construction 110

2020 2021 Inmaculada Optimization

Compañía Minera Ares S.A.C. Ayacucho Gold Feasibility 136

2020 2022 Coroccohuayco Integration

Compañía Minera Antapaccay S.A. Cusco Copper Feasibility 590

2020 2023 Pachapaqui Expansion ICM Pachapaqui S.A.C Ánchash Zinc Feasibility 117

2020 2023 Corani Bear Creek Mining S.A.C. Puno Silver Detail engineering 585

2020 2023 San Gabriel (ex Chupaca)

Compañía de Minas Buenaventura S.A.A.

Moquegua Gold Pre-feasibility 431

2020 2023 Yanacocha Sulfides Minera Yanacocha S.R.L Cajamarca Copper Feasibility 2.100

2021 2024 Pampa de Pongo Jinzhao Mining Perú S.A. Arequipa Iron Detail engineering 2.200

2021 2024 Zafranal Compañía Minera Zafranal S.A.C. Arequipa Copper Feasibility 1.157

2022 2023 Magistral Nexa Resources Perú S.A.A. Áncash Copper Feasibility 480

2022 2025 Haquira Minera Antares Perú S.A.C. Apurimac Copper Pre-feasibility 1.860

2022 2025 Los Chancas Southern Perú Copper Corporation, Peru Branch

Apurimac Copper Pre-feasibility 2.800

Ye

t to

be

de

fin

ed

Ye

t to

be

de

fin

ed

Bayóvar Expansion Compañía Minera Miski Mayo S.R.L. Piura Phosphate

Feasibility 300

Antilla Panoro Apurimac S.A. Apurimac Copper Pre-feasibility 250

Ayawilca Tinka Resources S.A.C. Pasco Zinc Pre-feasibility 262

AZOD (Accha y Yanque)

Exploraciones Collasuyo S.A.C. Cusco Zinc Pre-feasibility 346

Bayovar 12 Juan Paulo Quay S.A.C. Piura Phosphate

Pre-feasibility 168

Cañariaco (Norte) Cañariaco Copper Perú S.A. Lambayeque Copper Feasibility 1.437

Cañón Florida (ex Bongará)

Nexa Resources Perú S.A.A. Amazonas Zinc Feasibility 214

Conga Minera Yanacocha S.R.L. Cajamarca Gold Feasibility 4.800

Cotabambas Panoro Apurimac S.A. Apurímac Copper Pre- Feasibility 1.533

Don Javier Junefield Group S.A. Arequipa Copper Pre- Feasibility 600

El Galeno Lumimna Copper. S.A.C. Cajamarca Copper Pre- Feasibility 3.500

El Padrino and Hilarión Nexa Resources Perú S.A.A. Áncash Zinc Pre- Feasibility 470

Mantaro Phosphates Pacífico Phosphates

Mantaro Perú S.A.C.

Fosfatos del Pacífico S.A.

Junín

Piura

Phosphate Phosphate

Pre- Feasibility

Feasibility 850

831

Hierro Apurimac Apurimac Ferrum S.A. Apurimac Iron Pre- Feasibility 2.900

La Granja Río Tinto Minera Perú Limitada S.A.C.

Cajamarca Copper Pre- Feasibility 5.000

Los Calatos Minera Hampton Perú S.A.C. Moquegua Cooper Pre- Feasibility 655

Macusani Macusari Yellowcake S.A.C. Puno Lithium Pre- Feasibility 800

Michiquillay Southern Perú Copper Corporation, Peru Branch

Cajamarca Copper Pre- Feasibility 2.500

Ollachea Minera Kuri Kullu S.A. Puno Gold Feasibility 165

Pukaqaqa Nexa Resources Perú. S.A.A. Huancavelica

Copper Pre- Feasibility 706

Quechua Compañía Minera Quechua S.A. Cusco Copper Feasibility 1.290

Quicay II Corporación Minera Centauro S.A.C.

Pasco Gold Pre- Feasibility 400

Racaycocha Sur Minera Peñoles del Perú S.A. Áncash Copper Pre- Feasibility 1.000

Río Blanco Río Blanco Copper S.A. Piura Copper Feasibility 2.500

Rondoní Compañía Minera Vichaycocha S.A. Huánuco Copper Pre- Feasibility 250

San Luis Reliant Ventures S.A.C Áncash Silver Feasibility 100

Shalipayco Nexa Resources Perú. S.A.A. Junín Zinc Pre- Feasibility 91

Tía María Southern Perú Copper Corporation, Sucursal del Peru

Arequipa Copper Detail engineering 1.400

Trapiche El Molle Verde S.A.C. Apurimac Copper Pre- Feasibility 1.000

TOTAL (48 projects) 57.772



2.1. START OF PROJECTS CONSTRUCTION

This year, we have 1 mining project that entered the construction phase. This is the Santa Maria Expansion project, operated by Compañía Minera Poderosa S.A., located in the region of La Libertad that has a global investment of US$110 million. It is expected that by 2020, 6 mining projects will begin the construction phase (4 Brownfield projects: Inmaculada Optimization, Pachapaqui Expansion, Coroccohuayco Integration and Yanacocha Sulfides, and 2 Greenfield projects: Corani and San Gabriel), reflecting a total investment of US$4 billion. Inmaculada Optimization is the most representative of these projects since it is estimated that it will start operating in 2021. Therefore, by 2021 would start the construction of Pampa de Pongo and Zafranal projects in the region of Arequipa, both represent an investment of US$3.4 billion. Likewise, in 2022, Haquira and Los Chancas, in the Apurímac region, and Magistral, in Áncash, would be starting the construction phase with a total investment of US$5.1 billion.

Graphic 01: Start of Mining Construction Projects



2.2. INVESTMENTS ACCORDING TO THE PROJECTS LOCATION

The 48 portfolio projects are located in 17 regions nationwide. Cajamarca remains as the region with the highest amount of global investments, with 31.5% (US$18.2 billion) in a total of 6 projects in the north of the country. Quecher Main is the most outstanding of these projects because the construction phase started in 2018, and operations are expected to start in the first quarter of 2020.

Graphic 02: Investment in mining construction projects according to

location



The Apurímac region is second, with an investment of US$10.3 billion, representing 17.9% of the total with 6 projects. In fact, Hierro Apurímac (US$2.9 billion) and Los Chancas (US$2.8 billion) show the highest amounts of investment. Los Chancas would be starting construction in 2022. Moquegua ranks third, with 3 projects US$6.4 billion of investment, which represents 11.1% of total portfolio investments. Quellaveco stands out among these projects since it started construction in 2018 with an investment of US$5.3 billion, being the main project in the region. Concerning Arequipa, Piura and Junín, each region has 4 projects with an investment equivalent to US$5.4 billion, US$3.8 billion and US$2.4 billion, respectively. Together, these projects represent a 20% stake. Pampa de Pongo is one of the most important projects with an investment of US$2.2 billion. Shalipayco, located in Junín, was incorporated recently in this new portfolio with an investment of US$91 million. On the other hand, regarding the regions that have a stake of more than 3%, we have Cusco (US$2.2 billion), Ancash (US$2.2 billion) and Puno (US$1.8 billion). The most important of these projects is B2 San Rafael Tailings in the province of Melgar, Puno, which started its construction phase in 2018, with an investment of US$209 million. Mina Justa, located in Ica, province of Nasca, has an investment of US$1.6 billion and starts its construction in 2018. Also in Ferreñafe, province of Lambayeque, Cañariaco project becomes an investment of US$1.4 billion. These two regions hold more than 2% of the global investment. Finally, Huancavelica, Pasco, Huánuco, Amazonas, Ayacucho and La Libertad represent a total of 3.6% of the portfolio investment. Pukaqaqa project stands out in these regions with an investment of US$706 million.

2.3. INVESTMENTS ACCORDING TO THE COUNTRY OF ORIGIN OF THE

PRINCIPAL INVESTOR

The investments in the Portfolio of Mining Construction Projects come from 11 countries across 4 continents. In this edition, the United Kingdom remains in first place with 6 projects and an investment of US$12.1 billion, representing 20.9%. The most representative investors are Rio Tinto Plc. with La Granja project, and Anglo American Plc. with Quellaveco project. Furthermore, China's investments amount to US$10.2 billion, with a total of 5 projects. Aluminum Corporation of China Overseas Holdings Limited holds 100% of the Toromocho Expansion project that began construction in 2018. Moreover, unlike the previous year, Zhongrong Xinda Group Co. Ltd. and Jiangtong Group hold a 49% and 51% stake, respectively, in Pampa de Pongo, which is in the detail engineering stage. Canada ranks third with 11 projects, which represents 14.7% of the total investments, becoming the country with the largest number of projects in the Portfolio according to the origin of the investments, including First Quantum Minerals Ltd. with Haquira project (US$1.9 billion), Panoro Minerals Ltd. with Cotabambas project (US$1.5 billion) and Candente Copper Corp. with Cañariaco project (US$1.4 billion).



Acording to Mexican investments, they represent a 13.3% stake in the portfolio. Unlike the previous portfolio, this edition has 4 projects with Mexican investments thanks to the culmination of the Toquepala Expansion (US$1.3 billion). Consequently, the former project is no longer considered in this update. Three of these projects belong to Grupo Mexico S.A.B. de C.V., operated in Peru by Southern Peru Copper Corporation, Peru branch.

Graphic 03: Investment in mining construction projects according to the country of origin of the principal investor

United States investments accounted for US$7.5 billion, representing 13.0% of completion. Three of the four projects maintain a majority stake in Newmont Mining Corporation. In terms of national investments, Breca Group, which is responsible for the B2 San Rafael Tailings project and owns all its shares, is also involved in the Mina Justa project, which began construction in 2018. Australia and Brazil represent 8.7% of investments. Australia's Strike Resources Limited stands out as the most emblematic with the Hierro Apurímac project (US$2.9 billion) and Brazil's Nexa Resources has a majority stake in all the 5 projects financed by investments from said country. Finally, investments from Japan, Switzerland and Korea represent 3.9% of the total and together amount US$2.2 billion.

2.4. INVESTMENTS ACCORDING TO TYPE OF PROJECT

Depending on the type of project, they can be divided into Greenfield or Brownfield. Additionally, Greenfield projects can be subdivided into two types: new mining projects and reuse projects. Brownfield projects are also subdivided into expansion projects and replacement projects. 91% of the investments are related to Greenfield projects. There are 38 new mining projects in Portfolio, with a total investment of US$52.4 billion, representing 90% of the



total. The projects with the greatest amounts of investment are Quellaveco (US$5.3 billion), La Granja (US$5 billion) and Conga (US$4.8 billion). On the other hand, there is a tailings reuse project called B2-San Rafael Tailings with an investment of US$209 million.

Graphic 04: Investment in mining construction projects according to the type of project

With 9 projects and investments of US$5.4 billion, brownfield projects account for 9% of investments. Five of these projects are replaced investing US$3.5 billion. Yanacocha Sulfides and Quecher Main, both operated by Minera Yanacocha S.R.L., represent an investment of US$2.4 billion and will be developed in the footprint of the current Yanacocha mining unit located in Cajamarca. On the other hand, Coroccohuayco Integration project, whose official name is "Antapacay Project, Tintaya Expansion, Coroccohuayco Integration", seeks to increase the Tintaya unit's useful life. In contrast to the previous edition, Immaculada Optimization project has an investment of US$136 million.

2.5. INVESTMENTS ACCORDING TO THE STAGE OF THE PROJECT

According to the stage of progress in the construction mining process, there are 7 projects under construction. Toquepala Expansion completed this stage in the last quarter of 2018 so it is no longer included in this edition. However, it should be noted that the Santa Maria Expansion project advanced one stage, going from the detailed engineering to construction stage. B2 San Rafael Tailings is one of the 6 remaining projects that started construction in 2018 and have a near completion date. This project would be commissioned by the end of 2019.



The closest construction completion after B2 San Rafael Tailings are Mina Justa (US$1.6 billion) and Quecher Main (US$300 million), scheduled for 2020. The joint investment in this stage is US$9 billion, representing 28% of the total portfolio.

Graphic 05: Investment in Mining construction projects according to its project stage

Projects that are in Detail Engineering stage are 3: Corani (US$585 million), Tía María (US$1.4 billion) and Pampa de Pongo (US$2.2 billion), meaning a joint investment of US$4.2 billion and reflecting 7% of the portfolio investment. Concerning feasibility stage, there are 15 projects with an investment of US$16.2 billion, representing 28% of the portfolio. Finally, the largest number of projects is in the pre-feasibility stage, therefore also the largest amount of investment bordering US$29.4 billion and representing 49% of the total portfolio investment.

2.6. INVESTMENTS ACCORDING TO THE SITUATION OF THE

ENVIRONMENTAL IMPACT ASSESSMENT

In Peru, water consumption in mining sector represents only 1.7% of the total consumptive volume of water consumed. This volume of water is used in the different processes of the project and its importance lies in achieving long-term efficient use, satisfying the increase in production, promoting reuse of water used in mining processes and understanding the existing link between water, energy and emissions in order to continuously improve mining processes.



Table 02: Supply Sources for the Portfolio of Mining Construction Projects

Supply source Projects per

group Total investment

(US$ million) % Share of

Total Invest.

Surface water 13 26.803 46.4%

Groundwater 9 3.638 6.3%

Seawater 5 4.654 8.1%

Sea and surface waters 1 300 0.5%

Surface and groundwater 5 3.114 5.4%

Not available 15 19.263 33.3%

Total (US$ million) 48 57.772 100.0% *For more information about supply sources, please consult Annex 1.

From a different perspective, projects with a single water source represent 60.7% of the total stake in the sum of the construction portfolio's global investments. Projects such as Quellaveco in Moquegua (use of surface water), Mina Justa in Ica (use of sea water) and Zafranal in Arequipa (use of groundwater) are part of this group.

Mixed-source projects represent 5.9% share of global investment. The Toromocho Expansion in Junín and Bayóvar Expansion in Piura stand out in this group. Finally, projects without information available from their supply sources represent 33.3%, such as El Galeno and Michiquillay in Cajamarca and Los Chancas in Apurímac. This final group will be analyzed in future editions when information becomes available.



Graphic 06: Sources of Supply

2.7. INVESTMENTS ACCORDING TO MINING TYPE

Depending on the type of mine, open-pit mining is the most commonly used method in the portfolio projects, due to a better recovery of the exploitable volume of mineral, reduced level of risk in work, and lower cost per ton moved. For this reason, 28 mines would use this method with an investment of US$47.6 billion, representing 82% of total portfolio investments. Three of these projects correspond to non-metallic mineral exploitation projects such as Mantaro Phosphates (US$850 million), Pacific Phosphates (US$831 million) and Bayovar 12 (US$168 million), all of which use open-pit mining. According to underground mining method, there are 11 mines with an investment of US$2.8 billion and a stake of 5%. Los Calatos project (US$655 million), operated by Minera Hampton Perú S.A.C., and El Padrino and Hilarión project (US$470 million), operated by Nexa Resources Perú S.A.C., have the largest amounts of investment in underground mining.



Graphic 07: Investment in mining construction projects according to the mine type

In addition, 5 projects will use both open pit and underground methods. This group includes projects as Yanacocha Sulfides (US$2.1 billion), Haquira (US$1.9 billion), and Coroccohuayco Integration (US$590 million). These projects integrate a new mining area (surface and underground) and maintain synergies with components of Tintaya and Antapaccay, already in operation, considering improvements and expansions in the area. Finally, Rondoní (US$250 million) and Macusani (US$800 million) have yet to define the method to be used. Furthermore, B2 San Rafael Tailings, being a tailings reuse project, does not apply to any of the conventional methods.

2.8. INVESTMENT ACCORDING TO THE MINERAL TO BE EXTRACTED

Peru is the second largest producer of copper in the world, reflecting an important contribution to Peruvian economy and development of the country, making copper the mineral with the largest presence to be extracted. Of the 48 portfolio projects, 25 have this metal as its main product. In addition, the joint investment of these projects is US$41 billion, representing 71% of global investment. Quellaveco (US$5.3 billion), Mina Justa (US$1.6 billion), Toromocho Expansion (US$1.4 billion) and Ariana (US$125 million) are projects that have already begun its construction and will provide an estimated annual production of 300,000 FMT of copper, 102,000 FMT of copper, 75,000 FMT of copper and 70,000 FMT of copper, respectively. In recent years gold production has decreased. For this reason, it is important that more gold projects can advance to the construction stage. Despite this situation, gold is the second mineral in the portfolio with the highest extraction percentage. There are 7 gold projects with an investment of US$6.3 billion, which reflects a stake of 11%, for example, San Gabriel (Ex Chucapaca) with an investment of US$431 million. On the other hand,



there are currently only two iron projects: Hierro Apurímac (US$2.9 billion) and Pampa de Pongo (US$2.2 billion) with a stake of 9%. Concerning phosphate extraction, 4 projects represent a global investment of US$2.1 billion and a stake of 4%. Concerning zinc, silver, uranium/lithium, and tin projects, together they represent 5% of the global investment with a total of 10 projects.

Graphic 08: Investment in mining construction projects according to the main mineral to be extracted



III. CHANGES RECORDED IN THE PORTFOLIO

In this section, we will compare the current portfolio with the previous edition published on October 31, 2018 in order to show the dynamism and evolution of mining projects. Consequently, we will analyze the main changes regarding the previous edition. With 48 projects located in 17 regions of the country, the total investment of this edition amounts to US$57.8 billion. This represents a reduction of US$1.4 billion in estimated global investments compared to the S$59.1 billion reached in the previous portfolio, mainly due to the commissioning of three projects not included in this edition; yet, there were new projects added. MINING PROJECT PORTFOLIO COMPARISON (2018 and 2019) The following is a list of the main changes that have occurred:

1. The Toquepala Expansion project completed its construction during the fourth quarter of 2018. This project was scheduled in the previous edition and is currently in operation. The total investment in the construction of the expansion was US$1.3 billion, higher than the US$1.25 billion foreseen in the last edition. Thus, this project was not included in this publication at the end of the construction phase.

2. The construction of Santa Maria Expansion project began with a global investment of US$110 million. The development of this project contributed to the fact that, in addition to the projects that began construction in 2018 (Toromocho Expansion, Quecher Main, B2 San Rafael Tailings, Quellaveco, Ariana y Mina Justa), currently exist in Peru 7 projects in that phase, committing a total investment amount of US$9 billion.

3. Additionally, 3 projects were incorporated in the current edition: Ayawilca,

Inmaculada Optimization and Shalipayco, with a global investment of US$262 million, US$136 million and US$91 million, respectively.

4. The Lagunas Norte Optimization project was removed because, after the merging of the project operator, Barrick Gold Corporation, with Randgold Resources Ltd., the new board of directors decided to rethink the project and carry out more exploration in the area, focusing on obtaining sulfides, despite having all the required licenses for the previous project. Likewise, the Anubia project was not considered because the implementation of the project is beyond the timeframe of the current portfolio study.

5. There are 41 of 48 projects that maintain their investment amount.

6. There are 4 projects that modified their investment amounts, representing an increase of US$133 million. These projects are: The B2 San Rafael Tailings Reuse Project, whose investments increased from

US$200 million to US$209 million because this amount was updated according to what Minsur S.A. reported as the project development budget in its monthly statistics (ESTAMIN).



Total investments in the Trapiche project also increased from US$700 million

to US$1 billion, rising by 42.9%. This result is due in particular to the fact that the Company expects the project to become larger and therefore requires a higher level of investment.

On the other hand, the global investment of Cañariaco decreased from

US$1.6 to US$1.4 billion, due to the updating of the estimated amount of the project carried out by the Company, based on a 50% advance in the development of its feasibility study.

Likewise, the estimated total investment of the Ollachea Project has been

reduced from US$178 to US$165 million as a result of the Company's adjustment following the completion of the optimization of its post-final feasibility study of the project. The updated mining plan offered opportunities to reduce the development of capital components of the pre-production phase of the project.

Table 06: Main changes in the 2019 Portfolio of Mining Construction

Projects

Item Number of

projects

2018

Investment Portfolio

2019

Investment Portfolio

Investment

Difference (US$ million) (US$ million)

Projects included in the portfolio 3 489 489

Projects that started operations 1 1.255 - 1.255

Projects eliminated from the

portfolio * 2 730 - 730

Projects with investment

modifications 4 2.678 2.811 133

Projects without investment

modifications 41 54.472 54.472 -

Total 48 59.134 57.772 - 1.362 * It is not taken into account in the project summation because it came out of portfolio.



Graphic 13: Comparison between 2018 and 2019 Portfolio of Mining Construction Projects (US$ million)

59.134 57.772

730 1.255

133 489

2018 Salida de laCartera

Iniciaronoperación

Ajustes deInversión

Incorporación deProyecto

2019Out of the portfolio

Investment Adjustmensts

Project Incorporation

Started Operation



IV. ANNUALIZED INVESTMENT PROJECTIONS

This section will analyze the estimated projection of investments in the portfolio. From

the total investment of US$57.8 billion, US$3.9 billion (6.8%) has been used until 2018,

and U$53.8 billion (93.2%) remains to be invested in 2019.

In order to get a better analysis, we have divided the investment periods into three:

a) Investments executed until 2018: US$3.9 billion (6.8% of the total investment

amount).

b) Investments to be executed between 2019 and 2022: US$11.8 billion (20.3%

of the total investment amount).

c) Investments to be executed after 2022: US$42.1 billion (72.8% of the total

investment amount).

Graphic 11: Estimated investment projection (US$ Million)

4.1. INVESTMENTS EXECUTED UNTIL 2018

At the end of 2018, the investment executed amounted to US$3.9 billion which represents 6.8% of the total investment amount and corresponds to 9 projects. In this

regard, B2 San Rafael Tailings have a higher percentage of implementation, since its commissioning is expected for 2019 .

Table 05: Investments executed until 2018

Project Global investment

Investment implemented by

2018 (US$ million) (US$ million)

Santa María Expansion 110 4 Toromocho Expansion 1.355 294 Ariana 125 4 Mina Justa 1.600 310 Quecher Main 300 120 Quellaveco 5.300 1.523 B2 San Rafael Tailings 209 82 Conga 4.800 1.237 Tía María 1.400 362

TOTAL 15.199 3.936

3.936

11.754

42.083

Ejecutado hasta el 2018 2019-2022 Después del 2022Executed until 2018 After 2022



4.2. INVESTMENT PROJECTION 2019-2022 The investment projection for the period 2019-2022 amounts to US$11.8 billion, representing 20.3% of the total investment amount expected in the portfolio.

An investment of US$2.5 billion is expected in 2019, which represents 21.2% of the total

investments to be made between 2019 and 2022. This year B2 San Rafael Tailings would finish its construction and 6 other projects would continue in this stage.

On the other hand, it is expected an investment of US$2.8 billion by 2020, representing an increase of 14.0% compared to the previous year. This increase is estimated based on the higher expenditures expected from Quellaveco, Mina Justa and Toromocho Expansion projects, as well as the construction of Pachapaqui Expansion, Corani, Coroccohuayco Integration, Inmaculada Optimization, Yanacocha Sulfides and San Gabriel projects. The positive trend continued in 2021 with US$3.1 billion, an increase of 8.6% over the previous year. Although only two projects will began construction this year. They have a total investment of US$3.4 billion that would be implemented in 2024. In addition, the sustained growth of annual investments in major projects such as Quellaveco and Yanacocha Sulfides would support this result. Finally, an investment of US$3.3 billion is projected for 2022 which means an increase of

28.3%. Likewise, there is an increase of 7.6% compared to last year, consolidating the investment of major projects due to the beginning of operations. In addition, it is expected to have committed the investment of 11, which added to the joint investment of the projects under construction in 2019 (Toromocho Expansion, Santa María Expansion, Quecher Main, B2 San Rafael Tailings, Ariana, Mina Justa and Quellaveco) and the investment executed in those projects that completed construction in 2018 (Toquepala Expansion, Marcona Expansion and Shahuindo Phase II Expansion), would amount to a global investment of more than US$21 billion by 2022.

Graphic 12: Annualized projection of investment 2018-2022 (US$ Million)

4.3. INVESTMENT PROJECTION AFTER 2022

After 2022, the investment projection is US$42.1 billion, representing 72.8% of the global investment volume. A total of 30 projects with a global investment of US$36.3 billion are expected to progress

and be defined during this period. La Granja and Michiquillay are also outstanding thanks

to the investment volume reaching US$5 billion and US$2.5 billion, respectively.

2.496 2.845

3.089 3.324

2019 2020 2021 2022



V. MACROECONOMIC IMPACT

As of September 1st, 7 projects of the Portfolio of Mining Construction Projects are under construction, these according to their investment amount are: Quellaveco (US$5.3 billion), Mina Justa (US$1.6 billion), Toromocho Expansion (US$1.4 billion), Quecher Main (US$300 million), San Rafael Tailings (US$209 million), Ariana (US$125 million) and Santa María Expansion (US$110 million). The seven projects mentioned amounted to a total of US$9 billion and will be executed during the 2019-2022 period. On the other hand, Toquepala Expansion of US$1.3 billion finished its construction stage on the first semester of the year and is no longer included in Table 01 list. However, in order to show the economic impact of mining in the country, it has been added in the following graphic and analysis of this section.

Graphic 9: Mining projects under construction



Estimate to 20221:

National Production The commissioning of copper and gold projects, such as, Ariana, Mina Justa, Quellaveco, Quecher Main, as well as, Toquepala, Toromocho and Santa María Expansions, will increase the national copper production of 27% and 12% of gold production, regarding to 2018 results.

Table 03: Variation in production 2018-2022

Production

2018 2022 Var. %

Cu (millions FMT) 2.4 3.0 27%

Au (millions of fine g.) 142.6 159.3 12%

National Employment

It is expected that these projects will be at operational phase by 2022, creating 7 420 new direct employment opportunities. By the end of the period, the total direct employment will generate2:

Indirect Effect: 7.420 indirect jobs in activities such as transport, vehicle maintenance, manufacture of metal products, among others. Consumption Induced Effect: 24.115 jobs per consumption-induced effect. Mining activity develops micro-economies not only in the locality where the mineral is exploited, but in the entire distribution system up to the landing port. Therefore, trade is activated benefiting the development of restaurants, agricultural crops and animal farming. Investment Induced Effect: 14.840 jobs per investment induced effect in sectors such as construction.

Table 04: Direct and indirect mining employment

Employment type Number

Direct 7.420

Indirect 7.420

Induced by consumption 24.115

Induced by investment 14.840

Total 53.795

1 2018 is considered the base year for comparison. 2 Source: El Valor Agregado de la Minería en el Perú (2017) – Peruvian Economy Institute (IPE)



Over the last 5 years, participation of young people aged between 18 and 25 working in the mining subsector has fallen from 11.4% to 9.0%, while the participation of workers aged over 45 has risen from 18.5% to 20.0%. By 2022, around 2% of all 2018 employees will retire, giving young people more opportunities to get a job.

Gross Value Added (GVA) If the production of mining units remained constant during operation, GVA of metals would increase by 18% until 2022 compared to the GVA in 2018 due to the commissioning of the 7 projects under construction. In 2022, mining would cause indirect effects of an additional $9 billion in GVA in sectors such as construction (14%), transportation (7%), financial services (7%), agriculture (7%), mining (5%) and others (26%).

Graphic 10: Indirect impact of mining on gross value added by economic activity

14%

7%

7%

7%

5%

60%

construcción

transporte

financieros

agrícolas

mineria

otros

Transport

Financial

Agriculture

Mining sector

Others

Construction



ANNEX 1: METHODOLOGY

Coverage The Portfolio of Mining Construction Projects covers projects whose purpose is the development and/or construction of a mine, either new (Greenfield), expansion or replacement of the existing ones (Brownfield), or reuse of tailings (Greenfield). In addition, these projects are owned by private companies of large and medium-sized mining, and cover both metallic and non-metallic minerals. The portfolio includes only those projects whose overall investment amount exceeds 70 million dollars and are at least at the pre-feasibility stage, which already has a greater degree of certainty about mineral resources, after having performed the exploration and reserve volume. In addition, it considers projects whose start of construction is expected in the next ten years. It should be noted that the investment amounts, construction start dates, commissioning and other data are aggregations from various sources and estimates of the Mining Promotion Directorate of the Ministry of Energy and Mines and therefore do not oblige the owners of the projects in any way.

Characteristics of the projects

1.1. Type of project This characteristic provides information on the productive purpose of the project; their categories are as follows:

New projects: They start from zero, having to settle in a new geographic space,

establish links with the nearby communities, get all the permits and develop the necessary infrastructure. For using geographic spaces, resources and new facilities, these types of projects are classified as Greenfield.

Expansion projects: They seek to expand the current productive capacity, with

the purpose of reducing costs or due to the fall of grades of the mineral resources. They are developed in the same place and in parallel to the production process in progress, for this reason, these types of projects are classified as Brownfield.

Replacement project: They seek to maintain the current productive capacity with new mining developments, due to the fall of grades and/or the exhaustion of mineral reserves in the operating sectors. These projects are classified as Brownfield.

Reuse projects: These are the projects whose purpose is the reuse of tailings. These projects involve the development of new infrastructure and the use of new spaces, so they are classified as Greenfield.

1.2. Project stage This characteristic provides information on the current situation of the project and their development stage, there are four categories:



Pre-feasibility: Category assigned to those projects that have initiated the elaboration of its pre-feasibility study or have completed them before they begin the feasibility stage. At this stage, they already have a greater degree of certainty about mineral resources, after having performed the exploration and reserve volumes.

Feasibility: Category assigned to those projects that have started the feasibility studies until they have finished, but without deciding to invest.

Detail engineering: Category assigned to those projects that have investment approval and are developing basic and detail engineering studies.

Construction: Category assigned to those projects that have all the necessary permits and who have initiated the mining construction and/or development before the commissioning or start of operations.

1.3. Water consumption by supply source

The first phase of the joint initiative entitled “Mining Statistics and Methodological Transfers between Chile and Peru", which will enable the sustainable management of mining resources in the Andean countries, was carried out within the accompanying and technical assistance provided by the management of ECLAC-BGR, as part of South-South cooperation. For this reason, in order to homogenize the technical terminology used in the present portfolio of mining construction projects, the scale of water supply sources presented in the report "Water consumption forecast in copper mining 2017" made by the Chilean Copper Commission (COCHILCO), was taken as a reference.

Information Resources The information contained in the portfolio is a compilation of various sources carried out by MINEM's Directorate of Mining Promotion. If there are differences between the data from different sources, the most reliable source is considered in the following order of priorities:

1. Pre-feasibility, feasibility and detail engineering studies. 2. Reports to shareholders, quarterly and annual reports, and financial reports. 3. Environmental Impact Assessment, Mine Plan, Mine Closure Plan and

Authorization of Benefit Concession. 4. Official presentations made by the company heading the project. 5. Books, articles, magazines, websites and other specialized media in the mining

sector.



ANNEX 2: TECHNICAL SHEET FOR PROJECTS The technical sheet of each project is divided into three sections. The first section contains the "General Data of the Project", where are detailed the name, the operator of the project (mining owner), the investors and its origin. Below is the location table indicating the region, province and district(s), as well as a small review with additional data about the geography of the place. In the second section entitled "Main Data of the Project", data such as the global investment (CAPEX, for its Spanish acronym), the investment executed, the year the project began construction and operation, as well as, the expected employment in construction and operation, are specified. Also, it should be noted that the investment executed is presented as of September 2019 and has been obtained from the Monthly Statistical Declaration (ESTAMIN, for its Spanish acronym). It also includes technical data such as type of project, mineralization, mineral resources

or reserves, type of mine, useful life of the project, required energy power, water source,

plant capacity and, finally, estimated annual production.

In the section "Current Status of the Project" the progress stage is presented, the status

of the Environmental Impact Assessment, the Authorization of Exploitation Activities

(Mining Plan) and the Authorization of Benefit Concession. The last box corresponds to

additional data of each project, where the most relevant and current is highlighted.



Pages Project

31 Bayóvar Expansion

32 Pachapaqui Expansion

33 Santa María Expansion

34 Toromocho Expansion

35 Antilla

36 Ariana

37 Ayawilca

38 AZOD (Accha and Yanque)

39 Bayovar 12

40 Cañariaco (North)

41 Cañón Florida (Ex Bongará)

42 Conga

43 Corani

44 Cotabambas

45 Don Javier

46 El Galeno

47 El Padrino and Hilarión

48 Mantaro Phosphates

49 Pacífico Phosphates

50 Haquira

51 Hierro Apurímac

52 Coroccohuayco Integration

53 La Granja

54 Los Calatos

55 Los Chancas

56 Macusani

57 Magistral

58 Michiquillay

59 Mina Justa

60 Ollachea

61 Inmaculada Optimization

62 Pampa de Pongo

63 Pukaqaqa

64 Quecher Main

65 Quechua

66 Quellaveco

67 Quicay II

68 Racaycocha Sur

69 B2 San Rafael Tailings

70 Río Blanco

71 Rondoní

72 San Gabriel (Ex Chucapaca)

73 San Luis

74 Shalipayco

75 Tía María

76 Trapiche

77 Yanacocha Sulfides

78 Zafranal

Bayovar Expansion

Operator Compañia Minera Miski Mayo S.R.L.

Investor(s)1 75%: The Mosaic Company (USA)

25%: Mitsui & Co (Japan)

LOCATION

Region Piura

Province(s) Sechura

District(s) Sechura

The project is located in the north of Peru, at 1,000 km from the City of Lima, at 110 km to the south of city of Piura, and at 30 km from the Pacific Ocean.

MAIN DATA OF THE PROJECT

Global Investment2 US$300 million Type of deposit Brine deposit

Executed investment - Mineral reserves3 597 Mt @ 16.7% P2O5

Start of construction To be defined Type of mine Open pit

Start of operations To be defined Life of mine3 31 years

Expected employment3

1,300 under construction

144 in operation Power capacity 38 MW

Type of project

☐ New (greenfield)

☒ Expansion (brownfield)

☐ Replacement (brownfield)

☐ Reutilization (greenfield)

Water source3 Seawater and surface water

Plant capacity4 81,079 tons per day

Estimated annual production

1.9 million FMT of phosphate (additional)

CURRENT STATUS OF THE PROJECT

Project stage:

☐Pre-feasibility

☒Feasibility

☐Detail engineering

☐Construction

The development of the project is awaiting the decision making of the Board of Directors of the company.

Environmental Impact Assessment - EIAd

☐Not submitted

☐Under development

☐Under evaluation

☒Approved

Second Modification of the EIAD approved by Directorate Resolution N° 182-2015-EM/DGAAM on April 28, 2015, consists of 7% expansion of the surface area of the pit (4km2 approx.) within the Bayovar Concession No. 2. In addition, it has the First Technical Support Report approved by Directorate Resolution N ° 258-2017-SENACE/DCA on September 17, 2017, with reference to the modification of the tailings tank setting and the structures prior to the occurrence of the “El Niño” phenomenon for the protection of surface runoff and flooding of the open pit.

Start of exploitation activities (Mining Plan)

☒Not Submitted


☐Under evaluation

☒Approved

The project does not consider a new authorization to start exploitation and approval of a mining plan.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for an installed capacity of 81,079 MT/day through Directorate Resolution N° 0519-2017-MEM-DGM/V on June 6, 2017.

Additional information:

Bayovar is one of the largest phosphate deposits in the world and is formed by a very rich area of rocks and non-metallic minerals, including, among others, rock phosphate, diatomite, and brines. The phosphate rock is converted into fertilizer and processed with sulfuric acid to simplify its use.

The importance of fertilizers is vital for agricultural activity, since the crops that are finally used for animal and human consumption are nourished with this product.

.

1 Miski Mayo: “Mosaic Company becomes a majority shareholder of the Mining Company Minera Miski Mayo”. January 17, 2018. 2 National Society of Mining, Oil and Energy (SNMPE, as per the Spanish acronym) biweekly report from October 2010. 3 Compañia Minera Miski Mayo S.R.L.: Second Modification to the Environmental Impact assessment of the Fosfatos Bayovar mine. Approved with

Directorate Resolution N° 182-2015-EM/DGAAM dated April 28, 2015. 4 Compañia Minera Miski Mayo S.R.L.: Draft amendment of the Beneficiation Concession ‘Bayovar I and II' by Directorate Resolution N° 0519-2017-MEM-

DGM/V dated June 6, 2017.

Pachapaqui Expansion

Operator ICM Pachapaqui S.A.C.

Investor (s) 100%: Korea Zinc Company (Korea)

LOCATION

Region Ancash

Province(s) Bolognesi

District(s) Aquia

The project is located at an approximate height ranging from 3,800 and 4,800 meters above sea level.


Global investment5 US$116.5 million Type of deposit Zinc, lead, silver and copper polymetallic deposits (Zn-Pb-Ag-Cu)

Executed investment - Mineral reserves5 9.1 Mt @ 3.40% Zn, 1.42% Pb, 55.58 g/t Ag, 0.44% Cu

Start of construction 2020 Type of mine Underground

Start of operations 2023 Life of mine5 11 years


304 under construction


Type of project





Water source5 Surface water

Plant capacity5 Expansion from 800 to 3,300 tons per day


29,750 FMT of Zn (additional)

12,400 FMT of Pb (additional)

1.56 million ounces of Ag (additional)

3,850 FMT of Cu (additional)


Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

Progress has been made in infrastructure, specifically in communication routes and auxiliary components to the project.


☐Not submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 023 2017-SENACE-JEF-DEAR on December 01, 2017.


☐Not Submitted


☐Under evaluation

☒Approved


Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a capacity of 800 MT/day by Resolution N° 350-2013-MEM-DGM/V of September 03, 2013.

Additional Information:

The construction project of the Torregaga dam is under evaluation, which will dam the lagoon called Yanacocha 1 (Torregaga) that will benefit the Aquia community.

.

5 ICM Pachapaqui: Modification to the Environmental Impact Assessment (EIAd), of the Expansion Project 3,300 TMD U.M. Pachapaqui. Approved by

Directorate Resolution N° 023-2017-SENACE-JEF/DEAR, dated December 01, 2017.

Santa Maria Expansion

Operator Compañía Minera Poderosa S.A.

Investor(s) 100%: Grupo Arias (Peru)

LOCATION

Region La Libertad

Province(s) Pataz

District(s) Pataz

The project is located at a height between 1.300 to 3.200 meters above sea level in the basin of the gorge Hualanga-Frances.


Global Investment6 US$110 million Type of deposit Gold (Au) and silver (AG) deposits

Executed investment US$10 million Mineral reserves 1.6 Mt @ 17.5 g/t Au

Start of construction 2019 Type of mine Open pit





Type of project





Water source6 Surface and underground water

Plant capacity6 Expansion from 600 to 1,000 tons per day


36,000 fine ounces of gold (additional)


Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

In May of this year, the first stage of the expansion of the Benefit Plant was completed, which was processed from 600 to 800 tons per day. In the second stage, the activities required to expand the production of the Mining Unit to 1,000 tons per day are contemplated.


☐Not submitted


☐Under evaluation

☒Approved

The project has a Modification to its Detailed Environmental Impact Assessment (MEIAD), for exploitation activities, approved by Directorate Resolution N° 011-2017-SENACE-JEF/DEAR on November 24, 2017.


☐Not Submitted


☐Under evaluation

☒Approved


Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a plant capacity of 1,000 MT/day by Resolution N° 0542-2018-MEM-DGM/V on June 15, 2018.


The project aims to carry out a phased expansion (in 2 stages) of the plant capacity. The first expansion to 800 tons per day is completed and to meet the viability requirements of the project to achieve a production of 1,000 tons per day , it is necessary to implement the second stage, which will consist of an alternative tailings transport by pipe and new access, the construction of Phase II of the Hualanga Relavera, a tailings drying process, a filtering plant among others. In its schedule of activities it is contemplated to end this second stage in 2022.

.

6 Compañia Minera Poderosa: Modification of the Environmental Impact Assessment (EIA) for the expansion of the operation and the Santa Maria I

beneficiation plant from 600 to 1,000 TMD. August 2017.

Toromocho Expansion

Operator Minera Chinalco Peru S.A.

Investor(s) 100%: Aluminum Corporation of China Overseas Holdings Limited. (China)

LOCATION

Region Junin

Province(s) Yauli

District(s) Morococha

The project is located at a height ranging from 4,500 to 5,000 meters above sea level.


Global investment7 US$1.4 billion Type of deposit copper (Cu) porphyry

Executed investment US$445 million Mineral reserves 1,457 Mt @ 0.469% Cu, 0.019% Mo, 6.89 g/t Ag



Expected employment 3,200 under construction

2,400 in operation Power capacity9 66 MW

Type of project





Water source Surface and underground water

Plant capacity10 Expansion from 117,000 to 170,000 tons per day


75,000 FMT of copper (additional)


Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

The President Martin Vizcarra announced the start of construction of the project on June 01, 2018.


☐Not submitted


☐Under evaluation

☒Approved

The Environmental Impact Assessment (EIA) of the Toromocho Project was approved on December 14, 2010 by Directorate Resolution N° 411 -2010-MEM/AAM. Also, in December 2012, the Mine Closure Plan was approved for said project.


☐Not Submitted


☐Under evaluation

☒Approved

The project does not consider a new authorization to start exploitation and approval of a mining plan. The Toromocho project keeps the Mining Plan approved by Directorate Resolution N° 088-2013-MEM/DGM on March 27, 2013.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 52-2011-MEM-DGM/V on July 26, 2011.


In a consortium with the Chilean Company ICSK S.A.C. and Cosapi develops complementary works for earthworks, civil works and mechanical, electrical and pipe assemblies in the flotation area of the Toromocho mine. Thus, additional modules and pumps for the preparation of reagents and flocculant, connections between the flotation stage and concentrate thickener, high and low pressure pumps for process water, a new lime milk plant, among others, will be installed.

.

7 TV Peru (channel #7): "Head of State announces expansion of Toromocho project with an investment of US $ 1,355 million." [Transmission] October 01,

2018. 8 Minera Chinalco Peru S.A.: Second Supporting Technical Report. Approved by Directorate Resolution N° 504-2015-MEM-DGAAM, dated December 29, 2015. 9 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 10 Official Website of the Ministry of Energy and Mines [Intranet] - Online Environmental Assessment System (SEAL): New Environmental Impact

Assessment.

Antilla

Operator Panoro Apurimac S.A.

Investor(s) 100%: Panoro Minerals ltd. (Canada)

LOCATION

Region Apurimac

Province(s) Antabamba

District(s) Sabaino

The project is located at a height ranging from 3,400 to 4,100 meters above sea level, approximately 150 kilometers southwest of Cusco and 500 kilometers southeast of Lima.


Global investment11 US$250 million Type of deposit Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources11 291.8 Mt @ 0.34% Cu, 0.01% Mo



Expected employment 350 in operation Power capacity 33 MW

Type of project

☒ New (greenfield)

☐ Expansion (brownfield)



Water source12 Surface waters



From year 1 to 4: 30,000 Tons of copper cathode

From year 5 to 12: 30,000 - 15,000 Tons of copper cathode

From year 13 to 16: 25,000 -15,000 Tons of copper cathode

Year 17: 4,700 Tons of copper cathode


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The project has a Technical Report on Estimating Resources dated December 16, 2013. In addition, the project has a Preliminary Economic Assessment (PEA), optimized as of June 11, 2018.


☒Not submitted


☐Under evaluation

☐Approved

The company does not have a Detailed Environmental Impact Assessment (DEIA) for exploitation activities.


☒Not Submitted


☐Under evaluation

☐Approved

The project operator has not yet submitted its application for the Authorization to Start Exploitation Activities.

Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved

Without authorization of benefit concession


Currently, the company is making the necessary transactions to transfer the project to a commercial operator.

.

11 Panoro Minerals LTD: “Development of copper potential in Peru”. August 2019 12 Panoro Minerals LTD: “Technical Report on the PEA for the Antilla Copper Project”. June, 2018.

Ariana

Operator Ariana Operaciones Mineras S.A.C

Investor(s) 100%: Southern Peaks Mining LP (United Kingdom)

LOCATION

Region Junin

Province(s) Yauli

District(s) Marcapomacocha

The project is located on the western flank of the Western Mountain Range, La Viuda in Peru’s Central Highlands at a height of 4,700 meters above sea level.


Global Investment13 US$125 million Type of deposit15 Copper (Cu) and zinc (Zn) Skarn intermediate to distal of low sulfidation

Executed investment US$8 million Mineral resources/reserves14

6.2 million tons @ 1.14% Cu, 18.04 g/t Ag, 0.84 g/t Au, 1.79% Zn




1,500 under construction Power capacity16 8 MW

Type of project





Water source15 Groundwater



45,000 - 50,000 FMT of copper

10,000 FMT of zinc


Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

Progress is being made in infrastructure, specifically in communication routes and auxiliary components to the project. This adds 5.9% of physical advance to the first half of the year.


☐Not submitted


☐Under evaluation

☒Approved

The project has an Environmental Impact Assessment (EIA) approved by Directorate Resolution N° 127-2016-MEM/DGAAM dated April 29, 2016.


☐Not Submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N°0137-2018-MEM-DGM on May 31, 2018.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a plant capacity of 2,000 MT/day by Directorate Resolution N° 0602-2018-MEM-FGM/V on July 10, 2018.

Additional Information

On August 05 of this year, representatives of the Ariana mining company attended the hearing in the Sixth Constitutional Court where the suspension of the mining project was evaluated due to the alleged threat of contamination to water sources close to the project.

.

13 Rumbo Minero: “Between 2019 and 2020, Ariana would start its commercial production” Publication N° 104. July 2017. 14 Ariana Operaciones Mineras: Detailed Mining Plan. August 2017 15 Ariana Operaciones Mineras S.AC: Environment Impact Assessment. Approved by Directorate Resolution N° 127-2016-MEM/DGAAM. April 29, 2016. 16 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Ayawilca

Operator Tinka Resources S.A.C

Investor(s) 100%:Tinka Resources Limited (Canada)

LOCATION

Region Pasco

Province(s) Daniel Alcides Carrion

District(s) Yanahuanca

The project is located at a height of 4,150 meters above sea level.


Global investment17 US$262 million Type of deposit Zinc (Zn) deposit

Executed investment - Mineral resources17 840 Mt @ 6.95% Zn, 0.18% Pb, 15.8 g/t Ag

Start of construction To be defined Type of mine Underground


Expected employment To be defined Power capacity Not available

Type of project





Water source To be defined



201,500 dry metric tons (DMT) of zinc

7,570 dry metric tons of lead with silver

905,700 ounces of silver


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

On July 02, 2019, the company communicated the results of the Preliminary Economic Assessment (PEA) of the project.


☒Not submitted


☐Under evaluation

☐Approved

The company has not submitted yet its Environmental Impact Assessment for exploitation activities; however, in February 2019 has presented the Second Modification of his Semi-detailed Environmental Impact Assessment (EIAsd).


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved

Without authorization of Beneficiation Concession.


The company plans to continue exploring in 2019 and 2020 with the aim of preparing its pre-feasibility study.

.

17 Tinka Resources Limited: “Tinka Reports Positive PEA for the Ayawilca zinc Project” [news release]. July 02, 2019.

AZOD (Accha and Yanque)

Operator Exploraciones Collasuyo S.A.C.

Investor(s) 100%:Zincore Metals Inc. (Canada)

LOCATION

Region Cusco

Province(s) Paruro

District(s) Accha

The project is located at a height between 3,500 to 4,300 meters above sea level.


Global investment18 US$345.5 million Type of deposit Supergene zinc (Zn) deposit

Executed investment - Mineral reserves19

Accha:

Base Case: 1.223 Mt @ 8.03 % Zn, 0.68% Pb (open pit); 1.011 Mt @ 10.36% Zn, 1.39% Pb (underground)

Yanque:

Base Case: 8,338 Mt @ 3.97 % Zn, 2.6% Pb

Start of construction To be defined Type of mine Open pit and underground

Start of operations To be defined Life of mine19 Accha: 6 years

Yanque: 8 years

Expected employment 231 in operation Power capacity19 10 MW

Type of project






Plant capacity19 Accha: Base Case; 1,250 tons per day

Yanque: Base Case; 2,650 tons per day

Estimated annual production19

Accha:

Base Case: Open pit 36,000 Klb of Zn and 3,000 Klb of Pb

Yanque:

Base Case: 84,800 klb of Zn and 68,000 Klb of Pb


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

A pre-feasibility study for 2013 considered two production scenarios for the AZOD Project. A "base" case would see the zinc-lead oxide produced on site and transported for refining in special high-grade zinc ingots. An alternative scenario, the "Fume" case, planned for the production of zinc-lead oxide for sale.


☒Not submitted


☐Under evaluation

☐Approved

The project does not yet have a Detailed Environmental Impact Assessment (EIAd) for exploitation activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



Zincore Metals Inc, considers an additional assessment of the planned refinery in the port of Ilo and the option of finding a strategic partner for the development of the refinery.

.

18 Zincore Metals Inc.: “An underappreciated zinc asset” [corporate presentation]. January 2018. 19 Zincore Metals Inc: Technical Report of the Feasibility Study. August 06, 2013.

Bayovar 12

Operator Juan Paulo Quay S.A.C

Investor(s)20 70%: CROPS INC. (Canada)

18%: Mamut Andino (Ecuador)

12%: Grupo Romero (Peru)

LOCATION

Region Piura

Province(s) Sechura

District(s) Sechura

The project is located in the Sechura desert, 90 km south of the city of Piura and approximately 30km from the Pacific Ocean.


Global investment21 US$167.7 million Type of deposit21 Phosphate sedimentary deposit

Executed investment - Mineral reserves21 58.8 Mt @ 12.93% P2O5

Start of construction To be defined Type of mine21 Open pit



Type of project





Water source21 seawater



1,000,000 FMT of phosphate


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The project has a pre-feasibility study updated to June 28, 2016, in which, the commercial model is supported to produce 24% and 28% P2O5 rock concentrate.


☒Not submitted


☐Under evaluation

☐Approved

The company does not yet have a Detailed Environmental Impact Assessment (EIAd) for exploitation activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



During 2017, CROPS carried out a series of additional metallurgical tests that confirmed the ability to produce a minimum of 30% P2O5 phosphoric rock concentrate. The vision of the current company is to produce 28% and 30% of P2O5 rock concentrate to supply the agricultural and industrial sectors of the world phosphate economy. The project operator is in search of financing.

.

20 Crops Inc.: [Press release]. April 05, 2018. 21 Crops Inc.: Pre-feasibility study June 28, 2016.

Cañariaco (North)

Operator Cañariaco Copper Peru S.A.

Investor(s) 100%: Candente Copper Corp. (Canada)

LOCATION

Region Lambayeque

Province(s) Ferreñafe

District(s) Cañaris

The project is located at a height of 2.760 meters above sea level, on the surface areas of the rural community San Juan de Cañaris.


Global Investment22 US$1.4 billion Type of deposit22 Copper, gold and silver porphyry

Executed investment - Mineral resources22 752.4 million tons @ 0.45% Cu, 0.07 g/t Au, 1.9 g/t Ag





Type of project








119,000 FMT of copper

37,000 ounces of gold



Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The company is developing the feasibility study of the project. The progress percentage of this study is approximately 50%. It is worth mentioning that in 2011, the Project Pre-feasibility Study was completed, as well as Technical Report NI 43-101 of the progress of the project pre-feasibility study, from which positive results were obtained as a better approximation to the resources measured and indicated with a cut-off grade of 0.2% Cu.


☒Not submitted


☐Under evaluation

☐Approved

The company does not have an EIAd for operating activities. However, it has a Modification of its Semi-detailed Environmental Impact Assessment, approved by Directorate Resolution on September 9, 2014. N° 462-2014-MEM/DGAAM.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The main activities in the project continue to consist of community activities under the ongoing Community Initiatives program and environmental monitoring as required by the existing drilling permit. In addition, the feasibility study of engineering activities also remained on hold until the Company's financial resources were strengthened.

.

22 Candente Cooper Corp.: “Annual Information form” [Yearbook 2018]. March 31, 2019.

Cañon Florida (Ex Bongara)

Operator Nexa Resources Peru. S.A.A.

Investor(s) 61%: Nexa Resources S.A. (Brazil)

39%: Solitario Zinc Corp. (USA)

LOCATION

Region Amazonas

Province(s) Bongara

District(s) Florida and Yambrasbamba

The project is located at a height ranging from 2,400 and 2,800 meters above sea level.


Global Investment23 US$214 million Type of deposit Zinc (Zn) and lead (Pb) deposits

Executed investment - Mineral resources23 3.26 Mt @ 12.2% Zn, 1.53% Pb, 18.51 g/t Ag

Start of construction To be defined Type of mine underground

Start of operations To be defined Life of mine23 12.5 years


Type of project





Water source25 Surface and underground water



60,000 FTM of zinc

6,000 FTM of lead



Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The company continues developing its drilling program designed to test the opportunity for expansion of resources identified by the modeling of deposits during the preparation of the Preliminary Economic Assessment (PEA) of the project, which was published on August 02, 2017. The first phase of drilling ended at the end of December 2018 and resumed in the second quarter of 2019 after the rainy season. On this second phase, as of July 31, 2019, the engineering development for the access roads for drilling purposes was completed to reduce logistics costs.


☒Not submitted


☐Under evaluation

☐Approved

The company does not have an EIAd for exploitation activities. However, the project has a Fourth Modification of its semi-detailed Environmental Impact Assessment approved by Directorate Resolution N° 137-2018-MEM/DGAAM on June 19, 2018.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The Bongara project was renamed as Florida Canyon in 2017. During this year, the main activities consisted of the request for renewal of the environmental license of the IV Modification to the Semi-detailed Environmental Impact Assessment (EIAsd) and in the development of social programs with the Shipasbamba Peasant Community and environmental monitoring.

23 Nexa Resources S.A.: “Annual report 2017”. 24 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 25 Solitario Zinc Corp.: “Preliminary Economic Report”. August 03, 2017.

Conga

Operator Minera Yanacocha S.R.L.

Investor(s) 51.35%: Newmont Mining Corporation (USA)

43.65%: Grupo Buenaventura (Peru)

5.00%: Sumitomo Corporation (Japan)

LOCATION

Region Cajamarca

Province(s) Celendín and Cajamarca

District(s) Sorochuco, Huasmin and La Encañada



Global Investment US$4.8 billion Type of deposit Copper (Cu) and gold (Au) porphyry

Executed investment - Mineral reserves 504 million tons @ 0.28% Cu, 0.72 g/t Au





1660 in operation Power capacity Not available

Type of project








680,000 fine ounces of gold



Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The project has been paralyzed due to socio-environmental conflicts in the area of direct and indirect influence.


☐Not submitted


☐Under evaluation

☒Approved

The Second Modification of the Environmental Impact Assessment (EIA) of the Conga mining project was approved by Directorate Resolution N° 228-2015-MEM/DGAAM approved on May 29, 2015.


☐Not Submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 035-2012-MEM-DGM.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a plant capacity of 92,000 MT/day by Directorate Resolution N° 078-2012-MEM-FGM/V on March 01, 2012.


The project includes the exploitation of the Porol and Chaihuagon porphyric deposits. However, the project is currently paralyzed in the suspended feasibility stage.

.

26 Minera Yanacocha S.R.L.: Second Modification of the Environmental Impact Assessment of the Conga project. May 29, 2015. 27 Minera Yanacocha S.R.L.: Mining Plan of the Conga project. March 09, 2012.

Corani

Operator Bear Creek Mining S.A.C.

Investor(s) 100%: Bear Creek Mining Corporation (Canada)

LOCATION

Region Puno

Province(s) Carabaya

District(s) Corani

The project is located at an altitude ranging from 4,600 and 5,200 meters above sea level.


Global Investment28 US$585 million Type of deposit28 Low to intermediate epithermal sulfurization with silver (Ag), lead (Pb) and zinc (Zn).

Executed investment - Mineral reserves28 137.6 Mt @ 51.6 g/t Ag, 0.91% Pb, 0.59% Zn





440 in operation Power capacity31 36 MW

Type of project





Water source28 Surface and underground waters

Plant capacity 22,500 tons per day


110,000 FMT of lead and silver

80,000 FMT of zinc and silver


Project stage:

☐Pre-feasibility

☐Feasibility

☒Detail engineering

☐Construction

On September 04, 2018, Bear Creek Mining informed the Ministry of Energy and Mines of the beginning of the period of early works - Phase I "Early Works".


☐Not submitted


☐Under evaluation

☒Approved

On November 02, 2017, by Directorate Resolution N° 340-2017-SENACE-DCA, the Second Technical Support Report was approved, which includes changes in the design of the open pit, rearrangement of components in the processing facilities, change in the design of the engineering of the mine clearing and main tailings tank as well as updating, rearranging and relocating water management facilities and adding other infrastructure related to the project, in addition to the modification of the schedule and changes in the concentrate transport system (from big-bag to closed trucks).


☐Not Submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 0119-2018-MEM-DGM on May 9, 2018.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a plant capacity of 22,500 MT/day by Directorate Resolution N° 570-2018-MEM-DGM/V on June 25, 2018.


During 2018, access roads and infrastructure were started where local labor was used, both for local communities and for the development of the Corani project. In September of the same year, the company began the construction of the Antapata electrical substation, for which the placement of a transformer is planned in 2019. On the other hand, the project operator is conducting a capital savings assessment. and operations, in addition to time reduction.

.

28 Bear Creek Mining Corporation: Detailed Engineering Report Phase 1 [Technical Report]. September 2017. 29 Bear Creek Mining S.A.C: Mining Plan of the Corani Mining Project. Approved by Directorate Resolution N° 119-2018-MEM-DGM. May 9, 2018. 30 Bear Creek Mining Company: Executive Overview of the Environmental Impact Assessment of the Corani Project. February 2013 31 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Cotabambas

Operator Panoro Apurimac S.A.

Investor(s) 100%: Panoro Minerals Ltd. (Canada)

LOCATION

Region Apurimac

Province(s) Cotabambas

District(s) Cotabambas

The project is located at an approximate height of 4.000 meters above sea level, at 500 m. Northwest of the city of Cotabambas


Global Investment32 US$1.5 billion Type of deposit33 Copper (Cu) and gold (Au) porphyry

Executed investment - Mineral resources34 117.1 Mt @ 0.42% Cu, 0.23 g/t Au, 2.74g/t Ag, 0.0013% Mo




Type of project







Estimated annual production33 270,000 FMT of copper


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The project has a Mineral Resource Estimation Technical Report dated July 24, 2012. Additionally, on April 09, 2015, the company presented a Technical Report of the Preliminary Economic Assessment (PEA), which was updated on September 22 of the same year. On February 22, 2018, Panoro Minerals restarted the drilling program, which, in July 2019, revealed a high degree of mineralization for both Chaupec Target and Guaclle Target.


☐Not submitted

☒Under development

☐Under evaluation

☐Approved

The Project is developing the detailed Environmental Impact Assessment (EIAd) for exploitation activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



Panoro Minerals is entitled to receive US$14 million distributed over a period of up to 9 years, from the purchase agreement of precious metals with Wheaton Precious Metals International Ltd, as an advance deposit with payments that will be used to finance corporate expenses related to the Cotabambas Project .

.

32 Panoro Minerals Ltd.: “Developing Peru’s Cooper Potential” [Corporate presentation]. August 2018. 33 Panoro Minerals Ltd.: Preliminary Economic Assessment. September 22, 2015 34 Panoro Minerals Ltd: ”Panoro Announces the Approval of the Environmental Impact Assessment Expansion at Cotabambas Project, Peru - Summary of

Cotabambas and Antilla Project Resources”. August 20, 2018.

Don Javier

Operator Junefield Group S.A.

Investor(s) 100%: Junefield Mineral Resources Holding Limited. (China)

LOCATION

Region Arequipa

Province(s) Arequipa

District(s) Yarabamba



Global Investment US$600 million Type of deposit35 Porphyry copper (Cu) and molybdenum (Mo)

Executed investment - Mineral reserves35 182 Mt @ 0.45% Cu, 212 ppm Mo, 3.0 ppm Ag


Start of operations To be defined Life of mine Not available

Expected employment To be defined Power capacity 31 MW

Type of project





Water source Not available

Plant capacity Not available




Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The company continues to carry out the drilling of the approved platforms in the Modification of its Semi-detailed Environmental Impact Assessment (MEIAsd). The current budget for the exploration activities of the project is US $ 25 million, and a physical progress percentage of 65% is available in the first half of the year. These activities are expected to culminate in this year.


☒Not submitted


☐Under evaluation

☐Approved

The company does not have an EIAd for operating activities. However, it has a Modification to its Semi-detailed Environmental Impact Assessment (MEIAsd) approved by Directorate Resolution N° 080-2014-MEM/DGAAM on February 13, 2014. Additionally, the project has a Second Technical Support Report approved on April 16, 2019 by Directorate Resolution N° 054-2019-MEM-DGAAM, whose main objective is to defer the execution of the final closure and post-closure measures of some components.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



As part of its semi-detailed Environmental Impact Assessment (EIAsd), the Junefield Group company has presented the second Technical Support Report (TSR). The objective of this proposal is related to the conservation of the camp, auxiliary facilities and main access for a period of up to 03 years for them to be used in the exploitation phase.

.

35 Junefield Group S.A.: Technical Report [Prepared by AMC Consultants Ltd.]. November 15, 2013.

El Galeno

Operator Lumina Copper S.A.C.

Investor(s) 60%: China Minmetals Corporation (China)

40%: Jiangxi Copper Ltd. (China)

LOCATION

Region Cajamarca

Province(s) Celendin and Cajamarca

District(s) Sorochuco and La Encañada



Global Investment US$3.5 billion Type of deposit36 Copper (Cu), molybdenum (Mo), gold (Au) and silver (AG) porphyry

Executed investment - Mineral reserves37 803,000 Mt @ 0.48% Cu, 0.014% Mo, 0.11 g/t Au, 2.6 g/t Ag




1,200 in operation Power capacity Not available

Type of project










2,021,254 ounces of silver

2,277 FMT of molybdenum


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

On September 12, 2017, the First ITS of the IV Modification of the EIAsd category II of the exploration activities "El Galeno" was approved by Directorate Resolution N° 253-2017-MEM-DEGAAM, to continue exploring for three more years in order to Perform complementary studies.


☒Not submitted


☐Under evaluation

☐Approved

The project does not have an EIAd for exploitation activities. However, it has a Fourth Modification to its semi-detailed Environmental Impact Assessment (EIAsd), for exploration activities, which was rectified by Directorate Resolution N° 514-2014-MEM-DGAAM on October 10, 2014. Additionally, the project has a First Technical Support Report of the IV MEIAsd approved by Directorate ResolutionN° 253-2017-MEM-DGAAM on September 12, 2017. Currently, on September 12, 2018, the company presented its Fifth Modification of its EIAsd whose objective is to extend the schedule by 03 years for the development of complementary studies .


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The companies Southern Peru, Lumina Copper and Buenaventura, in charge of the Michiquillay, Galeno and Conga mining projects, respectively, located in adjacent areas of Cajamarca, evaluate developing their projects together in order to share production infrastructure, transportation and transportation services. common use, which allow them to reduce investment costs. In that sense, a joint proposal is developed to design what would be a mining cluster.

36 China Minmetals Corporation: Study of pre-feasibility. [Technical Report]. February 19, 2007. 37 Standard and Poor’s (S&P Global): Galeno – Reserves & Resources [Market Intelligence from the official website]. Date consulted; August 28, 2019.

El Padrino and Hilarion


Investor(s) 80.16%: Nexa Resources S.A. (Brazil)

19.84%: Other shareholders

LOCATION

Region Ancash

Province(s) Bolognesi

District(s) Aquia and Huallanca



Global Investment US$470 million Type of deposit38 Zinc (Zn), lead (Pb) and silver (Ag) deposit

Executed investment - Mineral resources39 69.4 Mt @ 3.79% Zn, 0.71%Pb, 31.3 g/t Ag



Expected employment To be defined Power capacity41 14 MW

Type of project








138,618 FMT of zinc

21,420 FMT of lead

4.03 million fine ounces of silver


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

Currently, Nexa is exploring the northern area of Hilarion with the objective of increasing inferred resources and having a better understanding of the geomechanics and metallurgy of the deposit.

During 2018, the company carried out mapping and geological sections to the north of the Hilarion deposit, to evaluate the potential for resource expansion. The Preliminary Economic Assessment (PEA) of Hilarion is expected to be completed in the fourth quarter of 2019.


☐Not submitted


☐Under evaluation

☐Approved

The company is managing the preparation of its Detailed Environmental Impact Assessment (EIAd). In that sense, the National Environmental Certification Service for Sustainable Investments (SENACE) approved the Terms of Reference (TDRs) on August 09, 2016 by Directorate Resolution N° 064-2016-SENACE/DCA. Also, the Citizen Participation Plan (for the elaboration of the EIAd) was approved on January 11, 2018 by Directorate Resolution N° 011-2018-SENACE-JEF/DEAR.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The company plans to build an exploration tunnel between El Padrino and Hilarión in order to establish synergies between them and connect them for better performance. The current mineral resources are contained within the Hilarión and El Padrino deposits, which are 03 km away from each other.

* Hilarion Deposit: It has a Technical Support Report (ITS) of its IV MEIAsd approved by Directorate Resolution N° 154-2018-MEM-DGAAM on August 13, 2018. Currently, the company presented its V MEIAsd in June 2019.

* El Padrino Deposit: It has a Third Modification of its semi-detailed Environmental Impact Assessment MEIAsd approved by Directorate Resolution N° 240-2017-MEM/DGAAM on August 31, 2017.

.

38 Nexa Resources S.A.: Technical report. August 04, 2017. 39 Nexa Resources Peru S.A.A.: Annual Report Nexa Peru 2018. February 26, 2019. 40 Compañia Minera Milpo (Currently Nexa Resources Peru S.A.A): Detailed Environmental Impact Assessment (EIad). Approved by Directorate

Resolution 064-2016-SENACE/DCA. August 9, 2016. 41 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Fosfatos Mantaro

Operator Mantaro Peru S.A.C.

Investor(s) 100%: ITAFOS (United Kingdom)

LOCATION

Region Junin

Province(s) Concepcion

District(s) Aco

The project is located 250 km east of Lima.


Global investment US$850 million Type of deposit42 Marine sedimentary origin deposit

Executed investment - Mineral resources42 39.5 Mt @ 10% P2O5


Start of operations To be defined Life of mine To be defined


Type of project





Water source Surface and underground waters


Estimated production To be defined


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The pre-feasibility study was completed in February 2010.


☒Not submitted


☐Under evaluation

☐Approved

The company does not yet have a detailed Environmental Impact Assessment (EIAd) for exploitation activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved


Additional information:

It is planned to sell the expected production to fertilizer manufacturers. Regarding the development of the project, Itafos is in the process of updating the technical report submitted in February 2010 in order to confirm the estimates of reserves and resources, currently, it is focused on maintaining the integrity of the concession and strategic alternatives are being evaluated for better decision making.

.

42 Mantaro Peru S.A.C. Technical report. [Prepared by Stonegate Agricom Ltd.]. March 16, 2010.

Fosfatos Pacifico

Operator Fosfatos del Pacifico S.A.

Investor(s)43 70%: Fossal S.A.A. (Peru)

30%: Mitsubishi Corporation (Japan)

LOCATION

Region Piura

Province(s) Sechura

District(s) Illescas

The project is within the deserted area of the Peruvian territory between the 0 50 meters above sea level


Global Investment44 US$831.1 million Type of deposit Marine sedimentary origin deposit

Executed investment - Mineral reserves 108.1 Mt @ 17.8% P2O5






Type of project





Water source45 Sea waters


Estimated annual production45 2,500,000 FMT of phosphate


Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The feasibility study was completed at the end of 2015.


☐Not submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 119-2014-EM/DGAAM on March 11, 2014. Additionally, the project has a First Modification to its Environmental Impact Assessment (MEIA) approved by Directorate Resolution on September 09, 2016 N° 269-2016-EM/DGAAM. Also the First Technical Support Report of its MEIA was approved by Directorate Resolution 2018 N° 112-2018-SENACE-JEF / DEAR on August 03, which aims to carry out exploration activities for the confirmation of reservations within the reservoir sedimentary phosphoric rock in the Bayovar Concession No. 09.


☐Not Submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution No° 676-2011-MEM-DGM on June 6, 2011. Restart approved by Directorate Resolution N° 331-2015-MEM-DGM/V on July 24, 2015.

Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved

The company submitted the application in 2015, which was observed and notified to the company on August 19 of the same year. On October 14, 2015, the company gave up the process.


In 2015, the Company received from Cementos Pacasmayo S.A.A. the assignment of a surface contract to use land located in the area adjacent to a marine area in northern Peru in order to execute the Phosphate Loading Terminal project in Bayóvar. In March 2019, the Company decided to terminate the aforementioned contract taking into account that currently the economic and financial conditions for its development are not adequate given the situation of the Phosphorus Rock market.

.

43 Fosfatos del Pacifico S.A.: First Modification of Environmental Impact Study. March 2019. Approved by Directorate Resolution N° 269-2016-

EM/DGAAM. September 09, 2019. 44 Fosfatos del Pacifico S.A.: “Efficient and cost-Effective Production Process / Construction Capex”. [Corporate presentation].December 31, 2016. 45 Fosfatos del Pacifico S.A.: “Workforce in the project stages”. 46 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Haquira

Operator Minera Antares Peru S.A.C.

Investor(s) 100%: First Quantum Minerals Ltd. (Canada)

LOCATION

Region Apurimac

Province(s) Cotabambas and Grau

District(s) Challhuahuacho and Progreso

The project is located to the southern of Peru, on the eastern side of the Peruvian Andes, between the 3,850 and 4,400 meters above sea level.


Global Investment47 US$1.9 billion Type of deposit47 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources48 569 million tons @ 0.56% Cu

Start of construction 2022 Type of mine Open pit and underground



Type of project






Plant capacity47 30,000 tons per day by leaching method

100,000 tons per day by flotation method


337,790 thounsand pounds of copper

6,742 thousand pounds of molybdenum

1199 thousand ounces of silver


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

2019:

II Quarter: Awareness for land purchase.

IV Quarter: Beginning of land purchase negotiation.

Letters of intention to purchase land have been delivered to surrounding communities. There are 800 families from 04 communities (Huanuco, - Pampa, Lahuain, LLamanguire and Rarachi)


☐Not submitted


☐Under evaluation

☐Approved

The company is currently establishing the baseline of the Environmental Impact Assessment (EIA).


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



In the Haquira project, the approach continues on community and environmental aspects. Environmental assessment studies continued during the period. Several access agreements with communities to maintain activities have been successfully renegotiated.

.

47 Antares Minerals Inc: “Technical Report of the Preliminary Economic Assessment”. [Prepared by the consulting firm Tetratech]. September 02, 2010 48 First Quantum Minerals Ltd.: “A great time to be building new mines”. May 2017. 49 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Hierro Apurimac

Operator Apurimac Ferrum S.A.

Investor(s) 100%: Strike Resources Limited. (Australia)

LOCATION

Region Apurimac

Province(s) Andahuaylas

District(s) Andahuaylas

The project is located at a height of 3,500 meters above sea level approximately, with a total concession area of 7,500 ha.


Global investment US$2.9 billion Type of deposit Iron (Fe) oxide deposit


269 Mt @ 57.3% Fe

(142 Mt Indicated Resource at 57.84% Fe and 127 Mt Inferred Resource at 56.7% Fe).




Type of project








20 million FMT of iron


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

A Pre-feasibility Study (PFS) was completed in 2008 and updated in 2010.


☒Not submitted


☐Under evaluation

☐Approved

The company does not yet have a detailed Environmental Impact Assessment (EIAd) for exploitation activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



At the beginning of 2018, the Government of Peru noted its intention to undertake a study to build a 570-kilometer multiple railroad, which would connect the Strike Apurimac Project with a multi-user port on the west coast of Peru. Currently, the Company entered into a Cooperation and Confidentiality Agreement with the consortium that conducts the government-funded rail study to provide information and assistance for the study.

.

50 Strike Resources Limited: “Pre-feasibility results confirm world class prospects for Apurimac Project in Peru”. [Market Announcement]. July 23, 2008. 50 Strike Resources Limited: Quarterly Report for the period ended June 30, 2019. 51 Strike Resources Limited: “Peru Government Plans Railway Linking Stikes’s Apurimac Iron Ore Project to Port”. [Market Announcement] February 08, 2008.

Coroccohuayco Integration

Operator Compañia Minera Antapaccay S.A.

Investor(s) 100%: Glencore PLC. (Switzerland)

LOCATION

Region Cusco

Province(s) Espinar

District(s) Espinar

The project is located at an approx. height from 4,150 meters above sea level.


Global investment52 US$590 million Type of deposit53 Copper (Cu) and Gold (Au) skarn


Open pit: 63 Mt @ 0.63% Cu, 0.07 g/t Au, 1.98 g/t Ag

Underground: 121 Mt @ 1.22% Cu, 0.02 g/t Au, 3.86 g/t Ag



Expected employment

55



Type of project



☒ Replacement (brownfield)


Water source groundwater

Plant Capacity55 20,000 tons per day



Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The company concluded its feasibility studies in 2017 and is conducting technical studies of hydrogeology, geotechnics and geometallurgy.


☐Not submitted


☐Under evaluation

☒Approved

First Modification of its EIAsd approved by Directorate Resolution N° 396-2014-MEM/AAM of August 06, 2014. The modification of the EIA of the Antapaccay Expansión Tintaya - Coroccohuayco Integration project presented in March 2018 is under evaluation by SENACE .


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a capacity of 19,400 MT/day of the Tintaya benefit concession by Directorate Resolution N° 148-2005-MEM/DGM on May 09, 2005.


The company has proposed to the Ministry of Agriculture and Irrigation (MINAGRI) to execute the Jatarana San Martín Dam Project through the Tax Works mechanism, which could benefit the Jattarana, San Martín, Hancollahua, Alto Huarca, Huarca, Huisa , Huisa Ccollana, Antaccollana, Suero and Cama communities, which do not have sufficient irrigation infrastructure for their agriculture and livestock activities.

.

52 Official Website of the Ministry of Energy and Mines [Intranet] - Online Environmental Assessment System (SEAL): “Modification of the Environmental

Impact Study (EIA) Antapaccay Expansion Tintaya Project - Coroccohuayco Integration”. Date consulted August 28, 2019 53 Glencore Plc: Resource Report and Reservations. December 31, 2017. 54 Glencore Plc: “Antapaccay from the project to the operation”. [Corporative presentation]. Year 2013 55 Glencore Plc: [Corporative presentation]. September 2018 56 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

La Granja

Operator Rio Tinto Minera Peru Limitada S.A.C.

Investor(s) 100% Rio Tinto Plc. (UK; Australia)

LOCATION

Region Cajamarca

Province(s) Chota

District(s) Querocoto

The project is located at a height of between 2,000 and 2,800 meters above sea level.


Global Investment US$5.0 billion Type of deposit57 High sulfuration epidermal with copper (Cu) content

Executed investment - Mineral reserves58 4,320 Mt @ 0.51% Cu




1,660 in operation Power capacity 278 MW

Type of project










Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The company is conducting advanced exploration due to the approval of its latest ITS, the exploratory activities were extended until 2022.


☒Not submitted


☐Under evaluation

☐Approved

On November 12, 2018, the company presented the First Technical Support Report of the Twelfth Modification of the Semi-detailed Environmental Impact Assessment (1st ITS 12MEIAsd) approved by Directorate Resolution N° 015-2019/MEM-DGAAM dated February 04, 2019. The objectives of the ITS in question are: optimize the design of the southern dump and surface water management, change of use of the sub-drainage collection pool of the eastern dump and optimize the operation of the Drinking Water Treatment Plant.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The signing of the Fourteenth Addendum of the Exploration Investment Contract between the Peruvian State and the mining company Rio Tinto Miner Perú Limitada S.A.C. dated June 24, 2019.

.

57 Granja de Oro Inversiones Mineras S.A.C: "Technical Report of the New Farm Early Stage Exploration Project Department of Cajamarca." [Prepared

by William R. Henkle, Jr., P. Geol]. January 2012 58 Rio Tinto Plc. Annual Report 2017. 59 Rio Tinto Plc. “La Granja project is one of the largest undeveloped Greenfield cooper projects in Latin America”. [Corporate presentation].

Los Calatos

Operator Minera Hampton Peru S.A.C

Investor(s)60 100%: CD Capital Natural Resources Fund III (UK)

LOCATION

Region Moquegua

Province(s) Mariscal Nieto

District(s) Moquegua and Torata

The project is located at a height of between 2,800 and 3,500 meters above sea level, between the Cerro Los Calatos (hill), from which the project receives the name .


Global Investment61 US$655 million Type of deposit62 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral reserves62 136.5 Mt @ 0.73% Cu, 434 ppm Mo

Start of construction To be defined Type of mine63 Underground



Type of project





Water source63 Seawater




Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

Currently, the company is exploring the specific area of the project according to the Second Modification of its semi-detailed Environmental Impact Assessment (EIAsd). Additionally, on February 22, 2018, the 3rd ITS of the mining exploration project "Los Calatos" was granted by Directorate Resolution N° 033-2018-MEM-DGAAM based on INF N° 097-2018-MEM-DGAAM/DNAM/DGAM/A, where it is expected that the final date of activities of the exploration project will be on February 01, 2020 with 158 platforms executed.


☐Not submitted


☐Under evaluation

☐Approved

On April 25, the company informed the National Service for Sustainable Investments (SENACE) that the start date for the elaboration of the detailed Environmental Impact Assessment (EIAd) for exploitation activities would be June 01, 2018. At the same month, The presentation of the Report on Citizen Participation Mechanisms Made Before the Preparation of the Detailed Environmental Impact Assessment of Los Calatos Project was confirmed.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



On June 27, 2017, Metminco Limited announced the sale of 49% of the project to CD Capital for an approximate amount of US$ 5 million, whereby CD Capital obtained 100% of the shares. Currently, the EIA of Los Calatos exploitation project is in the Field Accompaniment stage.

.

60 Metminco Limited: “Annual Report for the Year ended”. December 31, 2016. 61 Metminco Limited: Director's Report [Press release]. June 27, 2017. 62 Metminco Limited: “Los Calatos: High Grade Development Option”. [Presentation to investors]. September 2015. 63 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Los Chancas

Operator Southern Peru Copper Corporation, Branch of Peru

Investor(s) 88.9%: Grupo Mexico S.A.B. de C.V. (Mexico)

11.1%: Others (free float)

LOCATION

Region Apurimac

Province(s) Aymaraes

District(s) Tapapyrihua

The project is located at a height of between 3,600 and 3,800 meters above sea level, approximately 910 km from Lima.


Global investment64 US$2.8 billion Type of deposit65 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral reserves 545 Mt @ 0.59% Cu, 0.04% Mo, 0.039 g/t Au


Start of operations 2025 Life of mine Not available


Type of project











Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

In 2018, Southern continued to develop social and environmental improvements for local communities. Currently, the company is developing complementary explorations in order to complete the Environmental Impact Assessment (EIA) in 2020.


☐Not submitted


☒Under evaluation

☐Approved

The detailed Environmental Impact Assessment of Los Chancas Mining Exploitation Project was presented to SENACE on August 17, 2018.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



Los Chancas project will be a combined operation of Solvent Extraction and Electrolytic Deposition (ESDE), which is a state-of-the-art technology with the highest international environmental standards. The deposit has copper, molybdenum and gold. According to the studies, they are analyzing whether it is more convenient to process the minerals through leaching, which is a more economical process with low initial capital (CAPEX) but where molybdenum or gold is not recovered, or if it is chosen flotation alternative where the 3 metals can be recovered, however, the initial capital will be greater.

.

64 Southern Copper Corporation – Grupo Mexico: Results of the Second quarter and six months 2019. July 23, 2019. 65 Southern Peru Copper Corporation: “Opinion of independent shareholders”. December 31, 2018. 66 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Macusani

Operator Macusani Yellowcake S.A.C.

Investor(s) 99.5 %: Plateau Energy Metals Inc. (Canada)

0.5%: Other

LOCATION

Region Puno


District(s) Corani and Macusani

The project is located at an approximate height between 4,150 and 5,200 meters above sea level.


Global Investment67 US$800 million Type of deposit68 Uranium (U) and lithium (Li) deposits

Executed investment - Mineral resources69 Falchani: 60.92 Mt @ 2954 ppm Li

Macusani:52.9 Mlbs U3O8 (248ppm)

Start of construction To be defined Type of mine To be defined



Type of project








Not available


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The company published a technical report on the mineral resources of Lithium in Falchani, on September 06, 2018


☒Not submitted


☐Under evaluation

☐Approved

The project does not have a detailed Environmental Impact Assessment (EIAd). However, the company expects to complete the process of preparation, communication and presentation of said study at the beginning of 2019.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



In the Falchani area, Phase II of the metallurgical study was completed in the first half of the year as well as an update to the resource study. For its part, an update of resources is being evaluated in the Macusani area.

.

67 Plateau Energy Metals Inc.: “Plateau Energy Metals outlines lithium, uranium resources at Falchani”. [Prepared by S&P]. July 17, 2018. 68 Plateau Energy Metals Inc.: “Mineral Resource Estimates for the Chilcuno Chico, Quebrada Blanca, Tantamaco and Isivilla deposits in the Puno District

of Peru, updated to include lithium and potassium.”. [Prepared by Mineral Corporation Consultancy Pty Ltd]. September 06, 2018. 69 Plateau Energy Metals Inc.:”Falchani Lithium Highlights / Macusani Uranium Highlights”. [Corporate presentation]. July 2019.

Magistral

Operator Nexa Resources Peru S.A.A.

Investor(s) 80.16%: Nexa Resources S.A. (Brazil)

19.84%: Other shareholder

LOCATION

Region Ancash

Province(s) Pallasca

District(s) Conchucos

The project is located at a height of between 4,100 meters above sea level and 4,300 meters above sea level, approximately 450 km northwest of the city of Lima.


Global Investment70 US$480 million Type of deposit71 Copper (Cu) and molybdenum (Mo) porphyry skarn-type

Executed investment - Mineral resources72 205.3 Mt @0.52% Cu, 0.05% Mo, 2.96 g/t Ag

Start of construction 2022 Type of mine72 Open pit




Type of project





Water source72 groundwater







Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The project has a Preliminary Economic Assessment (PEA) published on August 02, 2017. In the second quarter of 2019 the pre-feasibility studies were completed and the company is currently developing the feasibility studies of the project. It is expected to have a new Technical Report of the project at the end of 2019.


☐Not submitted


☐Under evaluation

☒Approved

Approved on September 15, 2016 by Directorate Resolution N° 278-2016-MEM-DGAAM. It also has a First Technical Support Report (1st. ITS) approved by Directorate Resolution N° 311-2017-SENACE/DCA of October 16, 2017.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The processing capacity of the Project is divided into 03 stages:

-Stage 01: During the first 03 years with 10,000 MT/day.

-Stage 02: From year 02 to 07, with 20,000 MT/day.

-Stage 03: From year 08 to 15, with 30,000 MT/day.

.

70 Compañia Minera Milpo S.A.A. (from now on Nexa Resources Peru S.A.A.): Environmental Impact Assessment (EIA) of Magistral Project. Approved by

Directorate Resolution N° 278-2016-MEM-DGAMM. September 15, 2016. 71 Compañia Minera Milpo S.A.A. (from now on Nexa Resources Peru S.A.A.): Annual Report 2017. 72 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Michiquillay

Operator Southern Peru Copper Corporation, branch of Peru



LOCATION

Region Cajamarca

Province(s) Cajamarca

District(s) La Encañada

The project is located at a height of between 3,275 meters above sea level, and 4,000 meters above sea level, on the lands of the Peasant Community of Michiquillay and La Encañada.


Global investment73 US$2.5 billion Type of deposit Porphyry copper deposit

Executed investment - Mineral resources74 1,150 Mt @ 0.63% Cu




Type of project










Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

On June 12, 2018, the mining company Southern Peru Copper Corporation, Branch of Peru, signed the Transfer Contract for the development of the project, where ownership of 18 mining concessions was transferred with an initial payment of US$ 12.5 million. Currently, the company has created a multidisciplinary administrative team to plan the development of this project. As part of this plan, the company has made contact with local authorities and communities to promote programs for the sustainable development of the area. In February 2019, the company started preliminary technical and social work in the project area.


☒Not submitted


☐Under evaluation

☐Approved

The project does not yet have a Detailed Environmental Impact Assessment (EIAd) for operating activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The project will create important business opportunities in the Cajamarca region. Also it will generate new jobs for local communities and contribute taxes and royalties to national, regional and local governments. Public and private intersectoral meetings continue to be articulated between CGIMINEM- Southern Peru Copper Corporation, communal and communal authorities in order to build a social agreement concluded between the parties.

.

73 Southern Cooper Corporation - Grupo Mexico: “Second Results, third and six months 2018”. 24 July 2018. 74 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Mina Justa

Operator Marcobre S.A.C.

Investor(s)75 60%: Grupo Breca (Peru)

40%: Empresas COPEC S.A. (Chile)

LOCATION

Region Ica

Province(s) Nazca

District(s) Marcona

The project is located at a height of 800 meters above sea level.


Global Investment76 US$1.6 billion Type of deposit Copper (Cu) deposit

Executed investment US$ 729 million Mineral reserves77 171.5 Mt of copper (Cu) oxide, 93.9 Mt of copper sulfides






Type of project










Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

For the first half of this year, 30% progress has been achieved in construction works.


☐Not submitted


☐Under evaluation

☒Approved

The project has an Environmental Impact Assessment (EIA) and a Modification (MEIA) approved in September 2017. Also, in December 2017, the First Technical Support Report of the Mina Justa Project (1st. ITS) was approved to optimize the operations, through the modification, relocation, expansion and addition of main and auxiliary components as well as propose the relocation of the stations of the groundwater monitoring program and the domestic effluent monitoring program and make details in the environmental management plan and contingency plan.


☐Not Submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 0149-2015-MEM-DGM/V on April 16, 2015.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 0795-2018-MEM-DGM/V dated October 22, 2018.


In 2019, the company Marcobre S.A.C has been making investment in development and preparation, mining equipment and infrastructure, as part of the progress in construction, which has resulted in 62% of financial advance at the end of the first half of 2019.

75 Minsur S.A.: “Fact of Importance" [Shareholder report to the Superintendence of the Stock Market]. May 31, 2018. 76 Minsur S.A.: Annual Report 2017. March 28, 2018. 77 Marcobre S.A.C.: First Technical Support Report of Mina Justa Project. Approved by Directorate Resolution N° 029-2017-SENACE-JEF/DEAR.

December 12, 2017. 78 Marcobre S.A.C.: Modification of Mina Justa Environmental Impact Assessment. Approved by Directorate Resolution N° 236-2017-SENACE/DCA.

September 01, 2017. 79 Marcobre S.A.C: [Corporate presentation]. February 17, 2017. 80 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 81 Marcobre S.A.C: Third Technical Support Report of the Modification of the EIAd of Mina Justa Project. Approved by Directorate Resolution. N° 059-

2018-SENACE-PE/DEAR. 82 Marcobre S.A.C.: “Beneficiation Concession request called ‘Oxides Plant and Sulfides Plant’ for an installed capacity of 56,678 MT/day”. Approved by

Directorate Resolution N° 795-2018-MEM-DGM/V.

Ollachea

Operator Minera Kuri Kullu S.A.

Investor(s) 100%: Minera IRL Limited (Australia)

LOCATION

Region Puno


District(s) Ollachea

The project is located at a height of between 2,900 and 3,850 meters above sea level on superficial lands of the Peasant Community of Ollachea.


Global investment83 US$164.7 million Type of deposit84 Orogenic gold (Au) located in shear zone

Executed investment - Mineral reserves85 9.2 Mt @ 3.4 g/t Au




Type of project





Water source86 groundwater


Estimated annual production85 100,000 fine ounces of gold


Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The company has completed a post-definitive feasibility study optimization.


☐Not submitted


☐Under evaluation

☒Approved

The Environmental Impact Assessment (EIA) was approved by Directorate Resolution N° 363-2013-MEM-AAM dated March 05, 2013. Subsequently, in 2014, a Technical Support Report (ITS) was approved, which aimed to analyze, evaluate and propose the necessary environmental measures to ensure the sustainability of the project.


☐Not Submitted


☒Under evaluation

☐Approved

On March 26, 2018, the company requested an extension of the deadline for authorization to start activities, in order to correct the observations, while the authorization of CIRA to the Ministry of Culture is being processed.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a plant capacity of 3,000 TM/day by Directorate Resolution N° 0235-2014-MEM-DGM/V on June 25, 2014.


The company presents financing problems to continue with the project. On September 24, 2018, the Company reported on the progress of the arbitration process that it maintains with COFIDE. To date, the Arbitration process is ongoing. If the arbitration decision is not favorable or if the Company is not able to obtain an alternative source of funds to refinance the debt with COFIDE, it may have to assign ownership of the subsidiary, Compañía Minera Kuri Kullu SA, and therefore the Ollachea project. Currently, the Company is evaluating its options and looking for an alternative source of financing for the Ollachea project.

.

83 Minera IRL Limited: “Ollachea geology, exploration and Post-DFS”. Date consulted: August 07, 2019. 84 Minera IRL Limited: Annual Information Form. March 28, 2018 85 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 86 Compañia Minera Kuri Kullu S.A.: Environmental Impact Assessment (EIA) for exploitation and mining benefit "Ollachea". Approved by Directorate

Resolution N° 363-2013-JAN/AAM. September 25, 2013. 87 Compañia Minera Kuri Kullu S.A.: Beneficiation Concession project “Ollachea Benefit Plant”. Approved by Directorate Resolution N° 0235-2014-MEM-

DGM/V.

Inmaculada Optimization

Operator Compañia Minera Ares S.A.C

Investor(s) 100%: Hochschild Plc. (United Kingdom)

LOCATION

Region Ayacucho

Province(s) Paucar del Sara Sara

District(s) Oyolo, San javier de Alpabamba

The project is located at an approximate height of 4,669 meters above sea level.


Global investment88 US$136 million Type of deposit Gold and silver deposit

Executed investment - Mineral reserves89 4 Mt @ 6.5 g/t Au



Expected employment89 2,892 In operation Power capacity Not available

Type of project







Estimated annual production90 250,000 ounces of gold


Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The mining unit Inmaculada is already in operation; however, for the construction and modification of components it is required its 2nd MEIA be approved.


☐Not submitted


☐Under evaluation

☒Approved

On July 11, 2019, the mining company submitted the Second Modification of the Operating Unit Inmaculada to the SENACE, which is currently under evaluation.


☐Not Submitted


☐Under evaluation

☒Approved

In April 2019, the company submitted a request for a modification of the mining plan to change the use of the waste deposit to the ore field. The file is currently under evaluation.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

The current Beneficiation Plant of the unit has a permitted installed capacity of 4200 TPD.


It is planned to implement a ore sorting system prior to the beneficiation plant. The plant will have 4 main components: crushing, washing, sieves and sorting equipment.

.

88 Compañia Minera Ares: Preliminary Environmental Assessment - 2nd. MEIA of the Operating Unit Inmaculada. 89 Hochschild Plc.: “Inmaculada Site visit”. [Corporate presentation]. July 02, 2019.

Pampa de Pongo

Operator Jinzhao Mining Peru S.A.

Investor(s)90 49% Zhongrong Xinda Group Co. Ltd. (China) 51% Jiangtong Group (China)

LOCATION

Region Arequipa

Province(s) Caraveli

District(s) Bella Unión and Lomas

The project is located at a height of 400 meters above sea level, approximately, 50 km south of the city of Nazca and 550 km from the city of Lima.


Global Investment91 US$2.2 billion Type of deposit92 Iron (Fe) magnesic skarn-type deposit

Executed investment - Mineral reserves93 910.5 Mt @ 38.6 % Fe, 0.06 ppm Au, 0.1% Cu

Start of construction 2021 Type of mine92 Open pit

Start of operations 2024 Life of mine92 23.5 years



Type of project







Estimated annual production92 28.19 million FMT of iron


Project stage:

☐Pre-feasibility

☐Feasibility


☐Construction

Currently, it is in the search of financing, as a first step, on July 20, 2018 signed a Strategic Cooperation Agreement with Jiangxi Copper Group.


☐Not submitted


☐Under evaluation

☒Approved

The project has an Environmental Impact Assessment (EIA) approved by Directorate Resolution N° 044-2015-MEM-DGAAM of January 22, 2015. Also, in January 2018, the company presented the First Modification of the EIAd, which it is approved by the National Environmental Certification Service for Sustainable Investments (SENACE).


☐Not Submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 0084-2018-MEM-DGM on March 26, 2018.

Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



On February 22, 2019, Jinzhao Mining submitted a drilling request consisting of the execution of 142 platforms to find copper content in Pampa del Pongo.

.

90 Standard and Poor’s (S&P Global): Pampa de Pongo – General Comments [Official website]. Date consulted August 07, 2019. 91 Jinzhao Mining Perú S.A.: Pampa de Pongo project. [Corporate presentation to the Ministry of Energy and Mines]. September 24, 2018. 92 Jinzhao Mining Perú S.A.: Mining Plan Stage I. February 2018. 93 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Pukaqaqa


Investor(s)94 80.16%: Nexa Resources S.A.(Brazil)

19.84%: Other shareholders

LOCATION

Region Huancavelica

Province(s) Huancavelica

District(s) Huando, Ascension and Huancavelica

The project is located at a height of between 4,200 and 4,860 meters above sea level approximately.


Global Investment95 US$706.3 million Type of deposit96 Copper (Cu) and gold (Au) skarn

Executed investment - Mineral resources97 309 Mt @ 0.41 Cu


Start of operations To be defined Life of mine96 16 year




Type of project





Water soure96 Surface water




Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

During the second quarter of 2018, the social license to start the drilling campaign was obtained. Likewise, the development of the Project Pre-feasibility Study (PFS) began and was completed with a drilling program. Currently, different prefeasibility studies are being carried out to identify the best engineering alternative for said project and it is expected to complete this phase in the fourth quarter of 2019.


☐Not submitted


☐Under evaluation

☒Approved

The project has an Environmental Impact Assessment (EIA) approved on March 9, 2015 by Directorate Resolution N° 130-2015-MEM/DGAAM. It also has a First Technical Support Report (ITS) for main components of the Pukaqaqa mining unit approved on October 31, 2017.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The company is redefining the project. For that they have applied the “Front End Loading” methodology to save costs (phase 1). Currently, it is in the stage of selecting alternatives (phase 2) to subsequently develop basic engineering studies and execution plan (phase 3).

.

94 Nexa Resources Peru S.A.A.: “Earnings Release 2Q19 - Greenfields under analysis”. July 31, 2019. 95 Compañia Minera Milpo S.A.A. (Currently Nexa Resources Perú S.A.A.): Environmental Impact Assessment of the Pukaqaqa Mining Project. Approved

by Directorate Resolution N° 130-2015-MEM-DGAAM. 96 Nexa Resources S.A.: Annual Report 2017. 97 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Quecher Main


Investor(s)98 51.35%: Newmont Mining Corporation (USA)



LOCATION

Region Cajamarca


District(s) Baños del Inca, La Encañada and Cajamarca

The project is located at a height between 3,700 and 4,000 meters above sea level.


Global Investment99 US$300 million Type of deposit100 Gold (Au) oxide deposits

Executed investment US$185 million Mineral reserves100 92 Mt @ 0.52 g/t Au






Type of project







Estimated annual production100 200,000 fine ounces of gold


Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

In the first quarter of 2018, the operating company announced the start of construction of the project. In 2018, the first production was achieved and commercial production is expected for the fourth quarter of 2019.


☐Not submitted


☐Under evaluation

☒Approved

The project will be developed in the areas approved in the Fifth Modification of the detailed Environmental Impact Assessment (5th MEIAd) of the Yanacocha Este Supplementary Carachugo (SYE) project, which was approved by Directorate Resolution N° 361-2016-MEM-DGAAM on December 16, 2016.


☐Not Submitted


☐Under evaluation

☒Approved

Authorization for exploitation of

the Chaquicocha 3 pit,

Chaquicocha and Carachugo

waste trucks approved by

Directorate Resolution N° 0077-

2018-MEM-DGM on March 8,

2018. Approval of the South

underground Chaquicocha mining

plan by Directorate Resolution N°

0730-2017-MEM-DGM on 15

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved for a plant capacity of 70,000 TM/day by Directorate Resolution N° 0793-2017-MEM-DGM/V on September 08, 2017 for the construction of the Carachugo PAD Stage 14.


Quecher Main aims to extend the useful life of Yanacocha until 2027 through its production of oxides.

.

98 Compañia de Minas Buenaventura S.A.A.: “Buenaventura announces Sumitomo purchase of five percent stake in Yanacocha”. [Shareholder report]

June 20, 2018. 99 Newmont Mining Corporation: [Corporate presentation]. September 2018. 100 Minera Yanacocha S.R.L.: Fifth Modification of the detailed Environmental Impact Assessment (EIAd) Extension of the Yanacocha Este

Supplementary Carachugo Project. Approved by Directorate Resolution N° 361-2016-MEM-DGAMM. December 16, 2016. 101 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date of consultation; August 15, 2019.

Quechua

Operator Compañia Minera Quechua S.A.

Investor(s) 66%: JX Nippon Mining Holdings (Japan)

34%: Mitsui Mining & Smelting Co. (Japan)

LOCATION

Region Cusco

Province(s) Espinar

District(s) Espinar

The project is located at an approximate altitude between 4,000 and 4,600 meters above sea level and the area is accessed from Arequipa by the paved road to the village of Imata, to arrive then in the village of Condoroma.


Global investment102 US$1.3 billion Type of deposit103 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources104 680 Mt @ 0.38% Cu




Type of project









Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

In the first half of 2019, they are working on the maintenance of main accesses and the infrastructure of the mining camp. Environmental and social studies are also carried out in the area of direct influence of the project.


☒Not submitted


☐Under evaluation

☐Approved

Currently, the project does not have a detailed Environmental Impact Assessment (EIAd) for operating activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The Quechua project is located within the so-called Cuprian Belt of the Andes Mountains (middle ocean belt - early oligocenio), along with deposits such as Los Chancas and Las Bambas. This belt is the one with the highest copper productivity in the Andean mountain range.

.

102 Official Website of the Ministry of Energy and Mines [Intranet] - Monthly Statistical Declaration (ESTAMIN): Investment Program. Date consulted:

September 10, 2018. 103 Pan Pacific Copper Co.: “Pan Pacific Copper gears up to feasibility study phase in development project of Quechua Copper”. [Press release].

November 30, 2019. 104 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Quellaveco

Operator Anglo American Quellaveco S.A.

Investor(s)105 60%: Anglo American plc (United Kingdom)

40%: Mitsubishi Coporation (Japan)

LOCATION

Region Moquegua

Province(s) Mariscal Nieto

District(s) Torata

The Project is located at a height of 3,500 meters above sea level and will cover an approximate area of 39,279.42 hectares.


Global investment106 US$5.3 billion Type of deposit Copper (Cu) and molybdenum (Mo) porphyry

Executed investment US$2.0 billion Mineral reserves107 1,333.4 Mt @ 0.57% Cu, 0.022% Mo






Type of project









6,000 TMF of molybdenum


Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

The Board of Directors of the company approved the development of the project in July 2018. On the other hand, at the beginning of December the deviation of the Asana River was successfully completed. Currently, the priority is to move forward with the earthworks and start concrete work at the plant site.


☐Not submitted


☐Under evaluation

☒Approved

The project has the Fourth Modification (4th MEIA) of the Directorate Resolution N° 339-2015-MEM-DGAAM approved on August 28, 2015, which includes an increase in ore processing capacity from 85,000 to 127,500 tons per day , extending the useful life of the concentrator plant from 32 years to 34 years. Also, on April 12, 2019, the Fifth Technical Support Report (5th ITS) of the (4th MEIA) was presented, which is under evaluation.


☐Not Submitted


☐Under evaluation

☒Approved

The Project is authorized to modify the Mining Plan approved on March 8, 2016 by Directorate Resolution N° 0075-2016-MEM-DGM/V.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 0029-2015-MEM-DGM/V on January 20, 2015. Modified for a capacity of 127,500 MT/day by Directorate Resolution N° 018-2016-MEM-DGM/V on January 20, 2016.


The copper concentrate obtained in the operation stage will be taken to the Ilo port. At the closing of the mine, the river course will be restored by means of the co-disposal technique, which consists of filling the pit with the sterile material collected during the operation stage. Currently, engineering is 75% complete and three massive concrete locations were completed for the foundations of the grinding area at the plant site.

.

105 Anglo American Plc.: “Anglo American approves the start of the Quellaveco Project”. [Press release]. July 26, 2018. 106 Anglo American Plc.: Integrated Annual Report 2018. 107 Anglo American Plc: Ore Reserves and Mineral Resources Report 2018. December 31, 2018. 108 Anglo American Quellaveco S.A.: Fourth Modification of the Environmental Impact Assessment of the “Quellaveco” project. Approved by Directorate

Resolution N° 339-2015-MEM/DGAAM. August 28, 2015. 109 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Quicay II

Operator Corporacion Minera Centauro S.A.C.

Investor(s) 100%: Corporacion Minera Centauro (Peru)

LOCATION

Region Pasco

Province(s) Pasco

District(s) Simón Bolívar

The project is located at a height of 4,400 meters above sea level 2.5 km north of Quicay mine, in the central mountain range of the Peruvian Andes.


Global Investment110 US$400 million Type of deposit111 Copper (Cu) and gold (Au) porphyry

Executed investment - Mineral resources Not available




Type of project










Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

Currently, Corporacion Minera Centauro S.A.C continues to carry out intensive exploration programs in the project area. In 2014, they hired the specialized services of the AMEC consultant to prepare a conceptual study of the project, which includes the review of the information available with the detection of gaps, review of the resource model, study of plant capacity, mine design , mine planning, process plant design, infrastructure, capital cost and operation cost estimation and financial analysis of the project.


☐Not submitted


☐Under evaluation

☒Approved

The company has a Fifth Technical Support Report of the Quicay Mining Unit approved on July 13, 2018. On May 22, 2019, the company submitted a modification of the EIAsd. A modification to the Environmental Impact Study has not yet been submitted.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The Quicay II project was born as a result of the discovery of a copper-gold porphyry deposit located 2 km away from the Quicay Mine, as a result of the intense exploration campaign carried out in the vicinity of the final closing phase of the Quicay mine.

.

110 In 2015, an initial investment of US$ 3,000 million was estimated, which has been recalculated to US$ 400 million. 111 Compañia Minera Centauro S.A.C: Quicay II – Geology [Official website of the company].Date consulted: September 02, 2019.

Racaycocha Sur

Operator Minera Peñoles de Peru S.A.

Investor(s) 100%: Industrias Peñoles, S.A.B. de C.V. (Mexico)

LOCATION

Region Ancash

Province(s) Sihuas

Distrito(s) San Juan and Cashapampa

The project is located at a height between 3,500 to 4,350 meters above sea level, 96 km from the city of Huaraz.


Global Investment US$1.0 billion Type of deposit112 Copper (Cu), gold (Au) and molybdenum (Mo) deposits

Executed investment - Mineral reserves113 119 Mt. @ 0.395% Cu, 0.03% Mo

Start of construction To be defined Type of mine Not available



Type of project








Not available


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

Major advances have been made in the process of buying land for the possible new mine.


☒Not submitted


☐Under evaluation

☐Approved

The project does not yet have a detailed Environmental Impact Assessment (EIAd) for operating activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



It is waiting for the election of the new communal directives to resume negotiations for the purchase of missing land. Meanwhile, technical studies of the project are already carried out and its operational possibilities are analyzed. Additionally, in the surrounding area of Pucajirca, the estimation of new mineral resources on the company's land was achieved, which will support the viability of the project.

.

112 Industrias Peñoles S.A.B de C.V: Results Report for the second quarter of 2018. July 31, 2018 113 Standard and Poor’s (S&P Global): Racaycocha – Reserves & Resources [Market Intelligence from the official website]. Date consulted August 08,

2019.

Relaves B2 San Rafael

Operator Minsur S.A.

Investor(s) 100%: Grupo Breca (Peru)

LOCATION

Region Puno

Province(s) Melgar

District(s) Antauta

The project is located at an approximate height between 4,500 and 5,200 meters above sea level, in the eastern mountain range of the Andes.


Global investment114 US$209 million Type of deposit Tailings with high rate of tin (Sn)

Executed investment US$146 million Mineral resources115 7.6 Mt @ 1.05% Sn

Start of construction 2018 Type of mine Not applicable





Type of project




☒ Reutilization (greenfield)



Estimated annual production115 4,500 - 5,000 FMT of tin


Project stage:

☐Pre-feasibility

☐Feasibility


☒Construction

As of June 2019, a physical progress of 75% of the construction was achieved, mainly due to the investment made in Infrastructure and the construction of the Beneficiation Plant.


☐Not submitted


☐Under evaluation

☒Approved

The Project has a MEIA for the Tailings Reuse Project of the Quenamari New Accumulation Mining Unit - San Rafael Directorate Resolution N° 095-2017-SENACE/DCA. It also has a Seventh Technical Support Report of the (MEIA) approved by Directorate Resolution N° 060-2019-SENACE-PE/DEAR on March 29, 2019, which is related to extensions, modifications and relocation of mining components approved in their current environmental management instruments. Moreover, on July 27, 2019, the Eighth Technical Support Report of the (MEIA) was presented, which is under evaluation.


☐Not Submitted


☐Under evaluation

☒Approved

The project does not include an additional authorization to start exploitation and approval of the mining plan.

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 0167-2018-MEM-DGM/V. Likewise, by Directorate Resolution N° 0808-2018-MEM-DGM/V, on October 29, 2018, the ITS of modification of the beneficiation concession "Planta de Concentración San Rafael" of Minsur S.A. was complied with.


The project consists in reprocessing the tailings contained in the Bofedales 2 (B2) deposit, maximizing the recovery of tin contained in the tailings to produce commercial grade concentrate. In this way, the project aims to become an opportunity to sustain the production of the San Rafael mining unit as well as local employment and social investment in Antauta and Ajoyani. The project will be a modern mining model that transforms an old deposit into a positive impact, which allows to maintain tin production without exploiting more ore and without generating negative impacts to the environment.

.

114 Official Website of the Ministry of Energy and Mines [Intranet] - Monthly Statistical Declaration - July 2019 - Minsur S.A. (ESTAMIN). Date consulted:

August 9, 2019. 115 Minsur S.A.: Annual Report 2017. Date consulted: March 28, 2018. 116 Minsur S.A.: Modification of the Environmental Impact Assessment Reuse of Tailings in the New Accumulation Mining Unit Quenamari - San Rafael.

[Executive overview]. March 2017 117 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 118 Minsur S.A.: Modification of the Environmental Impact Assessment of the Tailings Reuse Project in the New Accumulation Mining Unit Quenamari - San

Rafael. Approved by Directorate Resolution N° 095-2017-SENACE/DCA. April 7, 2017. 119 Minsur S.A.: Seventh Technical Support Report - Quenamari New Accumulation Mining Unit - San Rafael. February 2019

Rio Blanco

Operator Rio Blanco Copper S.A.

Investor(s) 45%: Zijin Mining Group Co. Ltd. (China)

35%: Tongling Non-Ferrous Metals Group Holding Co. Ltd. (China)

20%: Xiamen C&D Co. Ltd. (China)

LOCATION

Region Piura

Province(s) Huancabamba

District(s) El Carmen de la Frontera

The Project is located at a height between 2,200 and 2,500 meters above sea level, near the border with Ecuador.


Global investment120 US$2.5 billion Type of deposit Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources121 7.16 Mt @ 0.63 % Cu, 0.0216% Mo






Type of project





Water source Surface water






Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The installation and implementation of a dialogue table is underway, allowing agreements to be reached for the sake of development.


☒Not submitted


☐Under evaluation

☐Approved

Currently, the company has yet to communicate the beginning of the preparation of its Environmental Impact Assessment (EIA) to the National Environmental Certification Service for Sustainable Investments (SENACE). Likewise, the company has been coordinating with different ministries in order to strengthen the presence of the State in the area and improve relations between communities, the company and the State.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The Río Blanco project is a copper and molybdenum porphyry deposit, located in the Andean Cenozoic area of copper (mineralized belts), in this area there are numerous world-class copper deposits such as Yanacocha, Santa Rosa, Alto Chicama, among others.

.

120 Río Blanco Copper S.A.: Data sheet. [Project file submitted to the Ministry of Energy and Mines]. August 2018 121 Río Blanco Copper S.A.: “Technical characteristics of the project”. [Official Website]. Date consulted; September 02, 2019. 122 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Rondoni

Operator Compañia Minera Vichaycocha S.A.

Investor(s) 100%: Grupo Volcan (Switzerland)

LOCATION

Region Huanuco

Province(s) Ambo

District(s) Cayma

The project is located in the western mountain range of central Peru, 80 km from Cerro de Pasco.


Global investment123 US$250 million Type of deposit Skarn-type copper (Cu) deposit

Executed investment - Mineral resources124 52.7 Mt @ 0.5% Cu

Start of construction To be defined Type of mine To be defined


Expected employment121 To be defined Power capacity Not available

Type of project








Not available


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

Because it is a medium-sized project, the operator considers placing the project in a sales process.


☒Not submitted


☐Under evaluation

☐Approved

The project does not yet have a detailed Environmental Impact Assessment (EIAd) for operating activities.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The Modification of the semi-detailed Environmental Impact Assessment (MEIAsd) for exploration activities was approved by Directorate Resolution N° 374-2010-MEM/AAM dated November 10, 2010, in order to enable 80 new platforms for the execution of drilling, construction of new trails, modify the design of the powder magazine and the cruise. The exploration of the Rondoní project involved 30,000 meters of diamond drilling, demonstrating a high potential to increase resources with easy-to-float docile ore.

.

123 El Comercio newspaper: "The new Volcan projects". [Interview with José Montoya]. June 19, 2017 edition. 124 Compañia Minera Volcan S.A.A.: Annual Report 2018.

San Gabriel (Ex Chucapaca)

Operator Compañia de Minas Buenaventura S.A.A.

Investor(s) 100%: Grupo Buenaventura (Peru)

LOCATION

Region Moquegua

Province(s) Sánchez Cerro

District(s) Ichuña

The project is located at an approximate height between 4,450 and 5,000 meters above sea level, 837 km from Lima and 115.5 km from the city of Moquegua.


Global Investment125 US$431 million Type of deposit126 Epithermal intermediate sulfurization with metallic content of gold (Au), copper (Cu) and silver (Ag).

Executed investment - Mineral reserves127 7.7 Mt @ 5.7 g/t Au




Type of project








120,000 to 150,000 fine ounces of gold


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The company is preparing its Pre-feasibility study, it is expected to culminate in the third quarter of 2019.


☐Not submitted


☐Under evaluation

☒Approved

Approved by Directorate Resolution N° 099-2017-MEM/DGAAM on March 31, 2017. It also has a First Technical Support Report (1st STI) approved on January 11, 2018 by Directorate Resolution N° 0009-2018-SENACE-JEF/DEAR; which aims to analyze the proposed changes (relocation of a ventilation chimney and inclusion of a sludge drying pool) to the third modification of the EIAsd and its effects on the environment.


☐Not Submitted


☒Under evaluation

☐Approved

The company submitted its request for approval of the Mining Plan for preparation and development activities to the Ministry of Energy and Mines (MINEM) on October 02, 2017.

Benefit Concession

☒Not submitted

☐Under evaluation

☒Approved



This year, the necessary field work was restarted to continue increasing the certainty of the resource and the metallurgical models defined during the conceptual stage with a view to concluding the prefeasibility study.

125 Compañia de Minas Buenaventura S.A.A.: “Proyectos Buenaventura”. June 2018. 126 Compañia de Minas Buenaventura S.A.A.: Annual Memory 2018. 127 Compañia de Minas Buenaventura S.A.A.: Project Highlights - Advanced Stage. March 13, 2018. 128 Compañia de Minas Buenaventura S.A.A.: Detailed Environmental Impact Assessment (EIAd) of the “San Gabriel” mining exploitation project. March

31, 2017. 129 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

San Luis

Operator Reliant Ventures S.A.C.

Investor(s) 100%: SRR Mining Inc. (Canada)

LOCATION

Region Ancash

Province(s) Yungay

District(s) Shupluy

The project is located at a height between 3,600 and 4,850 meters above sea level.


Global investment130 US$100 million Type of deposit131 Epithermal gold (Au) – silver (Ag) deposit

Executed investment - Mineral reserves132 0.503 Mt @ 17.95 g/t Au, 446.14 g/t Ag




Type of project






Plant capacity133 400 tons per day


1.86 million ounces of silver



Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The company is carrying out community relations, geological services and environment activities.


☐Not submitted


☐Under evaluation

☒Approved

The company has an Environmental Impact Assessment (EIA) of the “Ayelen Vein Exploitation Project and Gold and Silver Minerals Processing San Luis” approved by Directorate Resolution N° 289-2012-MEM/AAM dated September 10, 2012.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved



The company is currently carrying out activities that will strengthen ties with the communities directly influenced by the project (community workshops).

.

130 Reliant Ventures S.A.C: Application submitted to the Ministry of Energy and Mines. June 01, 2018. 131 Reliant Ventures S.A.C: Feasibility Technical Report. June 2010 132 Reliant Ventures S.A.C.: Environmental Impact Assessment (EIA) of the “Ayelen Vein Exploitation Project and Gold and Silver Processing San Luis”.

Approved by Directorate Resolution N° 289-2012-MEM/AAM. September 10, 2012.

Shalipayco


Investor(s)133 75%: Nexa Resources S.A. (Brazil)

25%: Pan American Silver Peru (Canada)

LOCATION

Region Junin

Province(s) Junin

District(s) Carhuamayo

The project is located at a height between 4,000 and 4,800 meters above sea level, the closest populated center to the project is the city of Carhuamayo located 11 km away.


Global Investment134 US$91 million Type of deposit Zinc (Zn), lead (Pb) and silver (Ag) deposits

Executed investment - Mineral resources135 9.47 Mt @ 4.44%Zn, 0.48%Pb, 31.1 g/t Ag

Start of construction To be defined Type of mine135 Underground



Type of project








734,439 ounces of silver (540,407 ounces in the first 5 years)

2,989 FMT of lead

42,881 FMT of zinc


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

The project has a Preliminary Economic Assessment (PEA) published on July 26, 2017. The company is currently developing the pre-feasibility phase of the project, specifically, conducting the engineering study of that phase.


☐Not submitted


☐Under evaluation

☐Approved

The company is managing the preparation of its Detailed Environmental Impact Assessment (EIAd). In that sense, the National Environmental Certification Service for Sustainable Investments (SENACE) approved the Terms of Reference (TDRs) on July 07, 2016 by Directorate Resolution N° 043-2016-SENACE/DCA. The project also has a Second Modification of its Semi-detailed Environmental Impact Assessment (EIAsd) approved by Directorate Resolution N° 020-2019-MEM/DGAAM on February 08, 2019.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved

Without authorization of Beneficiation Concession


The company is negotiating with the communities to obtain the social license. Hydrogeological studies are expected to begin upon obtaining the social license.

133 Nexa Resources Perú S.A.A.: Earnings Release 2Q19. July 31, 2019. 134 Nexa Resources Perú S.A.A.: Preliminary Economic Assessment [Technical report]. July 26, 2017. 135 Nexa Resources Perú S.A.A.: Annual Report, date consulted: February 26, 2019.

Tia Maria

Operator Southern Peru Copper Corporation, branch of Peru



LOCATION

Region Arequipa

Province(s) Islay

District(s) Cocachacra, Mejía and Dean Valdivia

The project is located at a height of 1,000 meters above sea level.


Global Investment136 US$1.4 billion Type of deposit Copper (Cu) and Molybdenum (Mo) porphyry

Executed investment - Mineral reserves137 La Tapada site: 425.338 Mt @ 0.43% Cu

Tía Maria site : 225.34 Mt 0.29% Cu






Type of project









Project stage:

☐Pre-feasibility

☐Feasibility


☐Construction

The company has completed the engineering studies and has the Environmental Impact Assessment approved. Likewise, on July 08, 2019, it obtained the Beneficiation Concession Construction Authorization, however, this permit has been suspended since August 09, 2019 by evaluation of the Mining Council, which must issue its decision regarding the review resources presented by the Regional Government of Arequipa, Front of Defense of workers and minority shareholders of Central Azucarera Chucarapi Pampablanca SA and the Tambo Valley Users Board, within a period not exceeding 120 calendar days.


☐Not submitted


☐Under evaluation

☒Approved

Approved on August 01, 2014 by Directorate Resolution N° 392-2014-MEM/DGAAM. It also has a First Technical Support Report of the project approved on February 19, 2018 by Directorate Resolution N° 030-2018-SENACE-JEF/DEAR.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☐Not submitted

☒Under evaluation

☐Approved

On July 08, 2019, the Beneficiation Concession Authorization of the Tía María Project was approved by Directorate Resolution N° 0328-2019-MINEM-DGM/V. Currently, the license is suspended and under evaluation by the Mining Council.


The conflicts over the Tía María project are based on the population's concern regarding the impacts in the area and the use of water. However, the company has indicated that the leaching process will not generate any type of environmental risk, since the soil will be waterproofed and protected by geomembranes. In addition, this project will use ESDE technology, so that its plants will not require a smelting process and, consequently, there will be no emission into the atmosphere. On the subject of water, Southern Copper ruled out in its EIA the use of the Tambo river basin as a source and offered a solution through the use of desalinated seawater.

.

136 Southern Copper Corporation: Presentation of the Tía María Project at the MINPRO 2019. [Raúl Jacob, Vice President of Finance and CFO of

Southern Peru]. Event date: June 26, 2019. 137 Southern Peru Copper Corporation: Environmental Impact Study of the mining and exploitation project “Tia Maria”. Approved by Directorate

Resolution N° 392-2014-MEM/DGAAM. August 01, 2014. 138 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.

Trapiche

Operator El Molle Verde S.A.C.

Investor(s) 100%: Grupo Buenaventura (Peru)

LOCATION

Region Apurimac

Province(s) Antabamba

District(s) Juan Espinoza Medrano

The project is located at an approximate height between 3,500 and 4,750 meters above sea level


Global Investment139 US$1.0 billion Type of deposit Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources140 868.3 Mt @ 0.37% Cu, 0.01% Mo



Expected employment137 To be defined Power capacity 54 MW

Type of project







Estimated annual production141 50,000 to 70,000 FMT of copper


Project stage:

☒Pre-feasibility

☐Feasibility


☐Construction

In 2018, the company M3 was hired for the development of pre-feasibility studies, with a view to culminating in the second quarter of 2019.


☒Not submitted


☐Under evaluation

☐Approved

The project does not have a detailed Environmental Impact Assessment (EIAd). However, he submitted his Fifth Modification to his ESIA on August 10, 2018, which is under evaluation. In parallel, the environmental baseline survey activities are being developed with a view to starting the EIA process towards the end of 2019.


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved

Without authorization of Beneficiation Concession


In 2018, the agreements with the community of Mollebamba were ratified, so the company's 2019 plan focuses on continuing with the work of fields aimed at improving the certainty of the resource and the models necessary to validate the metallurgical process and the defined mining plan during the conceptual stage.

.

139 Grupo Buenaventura: “Greenfield Projects – Trapiche (Cu)”. [Corporate presentation]. June 30, 2019. 140 Grupo Buenaventura: Annual Memory 2018.

Yanacocha Sulfides


Investor(s) 51.35%: Newmont Mining Corporation (USA)



LOCATION

Region Cajamarca


District(s) Cajamarcar, La Encañada and Los Baños del Inca

The project is located at a distance of approximately 20 km north of the city of Cajamarca and 583 km from the city of Lima, at an height between 3,600 to 4,200 meters above sea level


Global investment141 US$2.1 billion Type of deposit142 Copper (Cu) and gold (Au) porphyry

Executed investment - Mineral reserves 1.2 billion pounds of Cu

3,600 thousand of ounces (Koz) of Au






Type of project








350,000 ounces of gold (firs 16 years)

544,310 FMT of Cu


Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

The project is in the feasibility stage, its studies aim to optimize its tailings storage strategy.


☐Not submitted


☐Under evaluation

☒Approved

The Modification of the Environmental Impact Assessment of the Yanacocha Project was presented on April 30, 2018, whose objective of the project is to include in the planning of the operations of the Yanacocha mining complex the expansion, modification and/or relocation of main components and existing support facilities (previously approved). On the other hand, the objective of the study is to integrate the three metal operating sectors (Yanacocha Este, Yanacocha Oeste and Cerro Negro) into a single Environmental Management Instrument (IGA).


☐Not Submitted


☐Under evaluation

☒Approved

MEM-DGM dated March 8, 2018, the Mining Plan for "Chaquicocha 3 and 4" was approved by Directorate Resolution N° 077-2018-

Benefit Concession

☐Not submitted

☐Under evaluation

☒Approved

Resolution N° 0793-2017-MEM-DGM/V dated September 08, 2017, approved the modification of the Beneficiation Concession "Yanacocha Leaching Plant"


The Yanacocha Sulfuros project is within the current area of operation and involves the processing of sulphide minerals for the production of copper and gold, which would substantially extend the life of the mine. Among the components to be modified we can mention some such as Tajo Yanacocha Stage 2 (green), Tajo Carachugo Marleny Norte, Tajo Carachugo Phase III, Modification of Underground Chaquicocha Stage 2, Yanacocha Leaching Pad Stage 8, La Quinoa Process Plant, Tailings Deposit Pampa Larga, among others.

.

141 Minera Yanacocha S.R.L.: Modification of the Yanacocha Environmental Impact Assessment; May 2018.

Zafranal

Operator Compañía Minera Zafranal S.A.C.

Investor(s) 80%: Teck Resources Copper (Canada)

20%: Mitsubishi Materials Corporation (Japan)

LOCATION

Region Arequipa

Province(s) Castilla and Caylloma

District(s) Huancarqui, Lluta and Majes

The project is located at a height between 1,400 and 2,900 meters above sea level, away from the agricultural areas and at more than 20 km from the nearest town.


Global Investment142 US$1.2 billion Type of deposit143 Copper porphyry (Cu)

Executed investment - Mineral reserves144 440.7 Mt@ 0.38% Cu, 0.07 g/t Au.


Start of operations 2024 Life of mine 19 years




Type of project





Water source Groundwater

Plant capacity 55,000 a 64,000 tons per day



(120,000 FMT the first 5 years)

25,000 fine ounces of gold


Project stage:

☐Pre-feasibility

☒Feasibility


☐Construction

the granting of a temporary concession to carry out Feasibility Studies related to electric power transmission activity for the future 220 kV Transmission line was approved by Directorate Resolution N° 243-2019-MINEM/DM, on August 22, 2019.


☐Not submitted


☐Under evaluation

☐Approved

Citizen participation workshops have been carried out with the population involved in the areas of influence to the mining project, in order to obtain the social license. This is a prerequisite to the elaboration of the Detailed Environmental Impact Assessment (EIAd).


☒Not Submitted


☐Under evaluation

☐Approved


Benefit Concession

☒Not submitted

☐Under evaluation

☐Approved

Without authorization of Benefit Concession


The project proposes the exploitation of two pit (Zafranal and Victoria) from where copper sulphides will be extracted. A transfer belt installed inside a tunnel will transport the ore from the primary crusher to the collection of crushed ore. The concentrator plant will have a production capacity of 23.8 Mt/year.

.

142.SENACE: Environmental Impact Assessment of the Zafranal Project. [Aide-memorie]. May 30, 2019. 143 Compañia AQM Copper Inc.: Pre-feasibility Technical Report. June 10, 2016. 144 Teck Resources Limited: Annual Information Form. February 25, 2019. 145 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019.



MINISTRY OF ENERGY AND MINES Francisco Ísmodes Mezzano Minister of Energy and Mines Augusto Cauti Barrantes Vice-Minister of Mines Walter Sánchez Sánchez General Directorate of Mining Promotion and Sustainability MINISTRY OF ENERGY AND MINES Av. Las Artes Sur 260 – San Borja Lima – Perú / Lima 41 www.minem.gob.pe

PORTFOLIO OF MINING CONSTRUCTION PROJECTS Elaborated by the Directorate of Mining Promotion Walter Sánchez Sánchez Directorate of Mining Promotion Team in charge: María Valeria Aguinaga Fonseca Management and Analysis Diego Guillermo Hoyos Huanca Economic analysis Economic analysis team: Deivid Jhonatan Ramirez Ramirez Victor Gianmarco Carranza Avellaneda Mercedes Frances Valdivia Japa

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PORTFOLIO OF MINING CONSTRUCTION PROJECTS · Michiquillay Southern Perú Copper Corporation, Peru Branch Cajamarca Copper Pre- Feasibility 2.500 Ollachea Minera Kuri Kullu S.A. Puno