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

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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