LatinNews Daily - 05 April 2023

In brief: Investment in Peru’s La Granja mining project rises

* Peru’s investment promotion agency (Proinversión) has announced that investment in the La Granja copper mining project has risen to over US$2.4bn. This comes after the state mining company Activos Mineros S.A.C. signed an addendum enabling Canada’s First Quantum Minerals (FQM) to join Australia-headquartered mining firm Rio Tinto in the development of the project. According to Rio Tinto, FQM has acquired a 55% stake in the project for US$105m, and has committed to further investing up to US$546m to cover operational costs and feasibility studies, among other things. La Granja, in the northern region of Cajamarca, is believed to hold one of the world’s largest untapped copper reserves, and has been described by Rio Tinto and FQM as having the potential to be a “tier 1” mine.

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