Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
Mining and transport conglomerate Grupo Mexico is working with authorities to wipe illegal mining at its Los Chancas project in Peru, the mining division’s finance chief told analysts in a call on Wednesday.
Leonardo Contreras also said that the company, controlled by billionaire German Larrea, would restart an environmental impact assessment of Los Chancas once all illegal miners had been kicked out of the site.
Grupo Mexico will then “initiate the hydrogeological and geological studies and conduct a diamond drilling campaign to gather additional information on the deposits’ characteristics,” Contreras added.
The firm had previously reported that dozens of illegal miners had invaded the project located in Peru’s southern Apurimac region.
It started legal action against them back in 2023 in order to continue the project’s development, estimated at a $2.6 billion investment.
(By Aida Pelaez-Fernandez; Editing by Stefanie Eschenbacher and Kylie Madry)
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