Peru approved an operational report of the Cerro Verde mining complex, allowing the company to boost copper production.
Peru's ministry of mining and energy approved an environmental report late last week that allows Cerro Verde to invest $600mn in the project to boost output. The company's plan includes infrastructure expansion. Cerro Verde did not immediately respond to an Argus request for further details on the project.
Cerro Verde, controlled by US-based Freeport-McMoRan, is one of the largest copper projects in Peru. The miner produced nearly 107,700 metric tonnes of copper in the first quarter of 2024, representing almost 17pc of the country's total output.
Cerro Verde also produces molybdenum concentrate and silver.
