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Buenaventura proposes to jointly develop Southern Copper's Michiquillay project

Cia. de Minas Buenaventura SAA and Grupo México SAB de CV unit Southern Copper Corp. are considering joint development of the latter's Michiquillay copper project in Peru, Reuters reported May 31, citing Buenaventura President and CEO Víctor Gobitz Colchado.

Colchado said Southern Copper is "receptive" and is evaluating a proposal from the Peruvian miner. Buenaventura said it is well-positioned to help develop the copper project as it already operates a large open pit gold mine in the same region.

Southern Copper won a tender to develop the Michiquillay mine in February. However, securing mining approvals might prove to be a challenge in the Andes area, where Southern Copper had to suspend its US$1.4 billion Tia Maria copper project in 2015 due to deadly protests.

The Buenaventura- and Newmont Mining Corp.-owned, US$4.8 billion Conga gold-copper project had to be dropped in 2011 due to local protests.

The companies already jointly own Companía Minera Coimolache SA in Peru, which holds and operates the Tantahuatay gold-silver project.