The Peruvian government is set to launch the auction for the Michiquillay copper project Feb. 20, after delaying it twice in 2017 amid political issues, Reuters reported the same day.

Anglo American Plc in December 2014 pulled out of the project after evaluating other project options, saying the prospective development of Michiquillay would be better served by different ownership. Peruvian agency Proinversion will manage the auction, and the government estimates that Michiquillay will need about US$2 billion of investment to develop the project's 1.16 billion tonnes of copper resources.

According to the report, parties interested in the project include Cia. de Minas Buenaventura SAA and Southern Copper Corp.