Peru Miner Milpo to Invest $400 Million in Copper Project: Bloomberg

Andrew Topf | April 15, 2011 | 8:45 pm Base Metals Latin America Copper Molybdenum 
Copper, gold and money laundering: Peru main exports in 2012

Bloomberg reports:

Cia. Minera Milpo SA, a Peruvian zinc and lead miner, won the bidding for a copper and molybdenum deposit stripped from Inca Pacific Resources Inc. (IPR) last year and will invest $400 million in the project, the government said.

Lima-based Milpo will start up the Magistral deposit in the northern Andes in 2015, state investment promotion agency Proinversion said today in an e-mailed statement. Peru canceled Vancouver-based Inca Pacific’s concession in October, alleging the company failed to meet investment commitments.

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