Portfolio of Mining Investment Projects

PORTFOLIO OF MINING
INVESTMENT PROJECTS
2023
PORTFOLIO OF MINING
INVESTMENT PROJECTS
2023
OSCAR VERA GARGUREVICH
Minister of Energy and Mines
JAIME CESAR CHAVEZ RIVA GALVEZ

Vice Minister of Mines
WALTER SANCHEZ SANCHEZ

General Director of Mining Promotion
and Sustainablity
DOCUMENT PREPARED BY
THE MINING PROMOTION DIRECTORATE
WILFREDO VIVANCO ENCISO

Mining Promotion Director
STAFF
VICTOR CARRANZA AVELLANEDA
DEIVID RAMIREZ RAMIREZ
KIARA CAMPOS ROJAS
CARLOS ABANTO LEON
The content of this publica on may be reproduced in full or

par ally, ci ng the source as:
“Portfolio of Mining Investment Projects 2023,
Ministry of Energy and Mines”
First edition - Lima, Peru - january 2023
WWW.GOB.PE/MINEM
Central Phone: (+511) 4111100 This document is a translation of the original text in Spanish, made by the translator Teresa E.
Chumpitaz Garces (CTP N° 0246). It has been certified by the Association of Translators of Peru
(Registry N ° 0005-2023). This edition is for informational purposes only, it is not an official translation
and it is not valid for legal purposes in Peru.
INDEX
EXECUTIVE SUMMARY .................................................................. 5
SYMBOLS AND ABBREVIATIONS .............................................. 6
I. INTRODUCTION .................................................. 7
II. CHANGES REGISTRERED

IN THE PORTOFOLIO .......................................... 9
2.1. Changes in the methodology ............................ 9
2.2. Changes in the projects in the Portfolio ....... 9
III. METHODOLOGY .................................................. 13

3.1. Coverage ..................................................................... 13
3.2. Type of Project ......................................................... 13
3.3. Stages of Progress .................................................. 14
3.4. Water Consumption by Source of Supply .... 15
3.5. Sources of Information ......................................... 15
IV. ANALYSIS OF THE PROJECT PORTFOLIO ......... 17

4.1. Investments by start of
construction of the projects ............................... 17
4.2. Investments by project location ........................ 19
4.3. Investments by country of origin
of the main investor ............................................... 21
4.4. Investments by type of project .......................... 24
4.5. Investments by stage of project progress .... 25
4.6. Investments by water supply source ............... 27
4.7. Investments by type of mine .............................. 29
4.8. Investments by type of ore to be extracted 30
V. ANNUALIZED PROJECTION
OF INVESTMENTS ............................................... 33
5.1. Investments Executed until 2020 ...................... 33
5.2. Projected investments 2023-2026 ................... 34
5.3. Projected investments after 2026 ..................... 35
MINISTRY OF ENERGY AND MINES 3

2023 PORTFOLIO OF MINING INVESTMENT PROJECTS
VI. MACROECONOMIC IMPACT.............................. 37

6.1. Estimated Mine Production ................................... 39
6.2. Estimated Mining Employment ............................ 40
VII. DATA SHEETS OF PROJECTS ............................. 41
Bayovar Expansion .................................................................. 42

Cuajone Expansion ................................................................. 43
Ilo Expansion ............................................................................. 44
Pachapaqui Expansion .......................................................... 45
Santa Maria Expansion .......................................................... 46
Shouxin Expansion .................................................................. 47
Toromocho Expansion .......................................................... 48
Antilla ........................................................................................... 49
Ariana ........................................................................................... 50
Ayawilca ...................................................................................... 51
Cañariaco .................................................................................... 52
Cañon Florida ........................................................................... 53
Chalcobamba Phase I ............................................................ 54
Conga ........................................................................................... 55
Corani ........................................................................................... 56
Cotabambas .............................................................................. 57
Don Javier ................................................................................... 58
Galeno .......................................................................................... 59
Haquira ........................................................................................ 60
Hierro Apurimac ...................................................................... 61
Hilarion ........................................................................................ 62
Integration Coroccohuayco ................................................ 63
La Arena II .................................................................................. 64
La Granja ..................................................................................... 65
Los Calatos ................................................................................. 66
Los Chancas ............................................................................... 67
Magistral ..................................................................................... 68
Michiquillay ............................................................................... 69
Ollachea ...................................................................................... 70
Pampa de Pongo ..................................................................... 71
Rio Seco Copper Plant .......................................................... 72
Pukaqaqa .................................................................................... 73
Quechua ...................................................................................... 74
Antamina Replenishment .................................................... 75
Inmaculada Replenishment ................................................ 76
Raura Replenishment ............................................................ 77
Tantahuatay Replenishment ............................................... 78
Rio Blanco .................................................................................. 79
Romina ........................................................................................ 80
San Gabriel ................................................................................. 81
San Luis ....................................................................................... 82
Shalipayco .................................................................................. 83
Tia Maria ..................................................................................... 84
Trapiche ....................................................................................... 85
Yanacocha Sulfides ................................................................. 86
Yumpag ....................................................................................... 87
Zafranal ........................................................................................ 88
4 MINISTRY OF ENERGY AND MINES

EXECUTIVE SUMMARY
The Ministry of Energy and Mines of Peru presents a new edition of its portfolio
of mining projects, which has been renamed "Portfolio of Mining Investment
Projects" as it is better aligned to the different types of projects it brings
together, as well as to the purposes of the publication.
In addition, the year of edition of the document has been changed to 2023, in
accordance with the deadlines for the execution of the mining projects that
are part of the portfolio. Therefore, the "Portfolio of Mining Investment Projects
2023" is the updated edition of the previous "Portfolio of Mine Construction
Projects 2021".
This edition is composed of 47 mining projects that include an investment of

US$ 53 715 million with the purpose of achieving operational start-up and
initiating mining activities such as exploitation and/or beneficiation in
accordance with current regulations. All the projects are owned by private
companies in the general regime stratum (large and medium mining) and
include both metallic and non-metallic mineral production.
On the other hand, this document has been designed considering the funda-
mental characteristics that a mining project should comply with to carry out
its operations in the country, as detailed below:
Chapter II: This section contains the changes registered in the Portfolio with
respect to the previous version (November 2021) which are contained in 2
groups: a) Changes in the methodology, in order to standardize the terms and
definitions in accordance with the methodologies used by the main mining
countries in the region and the world; and b) Changes in the projects of the
Portfolio, referring to the update of characteristics of some projects, the entry
of 8 new projects and the exit of 4 projects from the portfolio.
Chapter III: This section describes the methodology used for the analysis of
the portfolio and the preparation of project files.
Chapter IV: Devoted to the analysis of the main characteristics of the projects
in the portfolio, such as the year of start of construction, location of the project,
country of origin of the main investor, type of project, stage of progress, source
of supply for water consumption, type of exploitation and the mineral to be
extracted, with Capex investment as the central axis.
Chapter V: Presents the annualized projection of investments in the Portfolio,

divided into three subsections: investments executed until 2021, projection of
investments from 2022 to 2026 and projections of investments to be executed
after 2026.
Chapter VI: This chapter examines the macroeconomic impact of mining

production and employment estimates to 2026.
Chapter VII: This chapter presents detailed information on the 47 projects in

the form of fact sheets. Among the characteristics included are: mining operator,
investor(s), geographic location, Capex investment, type of deposit and/or
mineralization, main data and the current status of each mining project.

SYMBOLS AND ABBREVIATIONS
Exchange Currency
LSE London Stock Exchange US$ U.S. dollar
NYSE New York Stock Exchange US$ M Millions of U.S. dollars
TSX Toronto Stock Exchange
Weights and Measures
Entities Klb Thousands of pounds
ANA National Water Authority km Kilometer
INGEMMET Geological, Mining and Koz Thousands of try oz
Metallurgic Institute Kt Thousands of tons
MINEM Ministry of Energy and Mines lb Pound
OEFA Environmental Assessment m Meter
and Control Agency Mlb Millions of pounds
SENACE National Environmental Certification Moz Million of troy oz
Service for Investments Mt Millions of metric tons
MINAM Ministry of the Environment Oz Troy oz (31.1035 g)
DEAR Directorate of Environmental FMT Fine Metric Ton
Assessment for natural and TM Metric Ton
productive resource projects
DGAAM General Directorate of Mining Metallurgical processes
Environmental Affairs EW Electrowinning (Electro-winning)
DGM General Directorate of Mining SX Solvent extraction
COFIDE Corporación Financiera
de Desarrollo S.A. Production
g/t Grams per ton
Geography and location oz/t Ounces per ton
m.a.s.l meters above sea level ppm Parts per million
TM/year Metric tons per year
Environmental Management Instruments TM/day Metric tons per day
EIA Environmental Impact Study tpd Tons per day
EIA-d Detailed Environmental Impact Study U.M. Mining unit
EIA-sd Semi-detailed
Environmental Impact Study Resources and Reserves
IGA Environmental Management Instrument M&I Measured and indicated
ITS Technical Sustainability Report P&P Proven and Probable
MEIA Modification of the
Environmental Impact Study Societies
MEIA-d Modification of the Detailed Co. Company
Corp. Corporation
Environmental Impact Study Inc. Incorporated
MEIA-sd Modification of the Semi-Detailed Int. International
Environmental Impact Study Lp. Limited Partner
ITM Mining Technical Report Ltd. Limited
Ltda. Limited
Administrative Act S.A. Limited Liability Company
R.D. Directorial Resolution S.A.A. Open Stock Corporation
S.A.B de C.V. Variable Capital Stock
Chemical elements Corporation
Ag Silver S.A.C. Close Corporation
Au Gold S.R.L. Sole Responsibility Company
Cu Copper
Fe Iron Others
Mo Molybdenum Capex Capital expediture
Pb Lead FS Feasibility study
Sn Tin PFS Prefeasibility study
Zn Zinc PEA Preliminary Economic Assessment
NI National Instrument

I. INTRODUCTION 1
In 2021, Peru was one of the largest mineral producers in the world, holding
7 of the most traded minerals (copper, gold, silver, zinc, lead, tin and
molybdenum). It is worth mentioning that this diversity is due to the
geographical conditions that make up the territory, making it a polymetallic
country. In addition, mining activities are developed in only 1.4% of the
national territory, which represents a great potential to be explored and
exploited.
That same year was marked by a scenario of national economic recovery

benefiting mining production, which came to represent 8.5% of the Gross
Domestic Product (GDP), evidencing the importance of mining activity in
the national economy. Likewise, the trade balance was favored with higher
mineral exports, reflecting a 63.9% share of total exports.
In this way, mining generates economic resources that are transferred to

Regional and Local Governments as Mining Royalties, Legal and Contractual
Mining Royalties, and the payment for Right of Validity and Penalty, which in
2021 exceeded S/ 6630 million, reaching a historical record, which made
possible the financing of projects and public works in the places where mining
operations exist, thus improving the quality of life of Peruvian men and women
in these departments.
In addition, in 2021, mining employment was more than 227 thousand

workers, higher than in all previous years. Furthermore, if the multiplier effect
of mining employment2 is considered, a greater positive impact on the country
is observed, since for each direct job, 8.2 indirect jobs are generated.
Based on the above, it is important to guarantee mining investments because

it is an essential input to develop the entire life cycle of the mining activity
(exploration, prospecting, construction, exploitation and commercialization).
Likewise, these investments contribute directly to the growth of the country
with the generation of foreign currency, tax collection and multiplier effect
in other sectors of the economy, as well as the development of the regions
through the generation of mining employment, social responsibility and
economic transfers generated by the mining activity.
In this regard, the Ministry of Energy and Mines (MINEM, by its acronym in
Spanish), through the General Directorate of Mining Promotion and
Sustainability, with the objective of encouraging and promoting mining
1 Mining Yearbook 2021. investment in the country, is pleased to present the new Portfolio of Mining
2 Source: Peruvian Institute of Investment Projects 2023, which consists of 47 mining projects and a
Economics (IPE, by its acronym
in Spanish). combined investment of US$ 53 715 million.

Chart 01: Portfolio of Mining Investment Projects
START
START OF MAIN PROGRESS GLOBAL
OF PROJECT OPERATOR REGION STAGE INVESTMENT
CONSTRUCTION PRODUCT
OPERATION US$ MILLION
2018 2024 Toromocho Expansion Minera Chinalco Peru S.A. Junin Copper CONSTRUCTION 1355
2019 2023 Santa Maria Expansion Compañia Minera Poderosa S.A. La Libertad Gold CONSTRUCTION 121
2021 2023 Shouxin Expansion Minera Shouxin Peru S.A. Ica Iron CONSTRUCTION 140
2022 2025 San Gabriel Compañia de Minas Buenaventura S.A.A. Moquegua Gold CONSTRUCTION 470
2023 2025 Romina Compañia Minera Chungar S.A.C. Lima Zinc FEASIBILITY 150
2023 2026 Corani Bear Creek Mining S.A.C. Puno Silver DETAIL ENGINEERING 700
2023 2026 Magistral Nexa Resources Peru. S.A.A. Ancash Copper FEASIBILITY 493
2023 2029** Antamina Replenishment Compañia Minera Antamina S.A. Ancash Copper FEASIBILITY 1604
2024 2027 Yanacocha Sulfides Minera Yanacocha S.R.L. Cajamarca Copper DETAIL ENGINEERING 2500
2024 2028 Zafranal Compañia Minera Zafranal S.A.C. Arequipa Copper FEASIBILITY 1473
2026 Ilo Expansion Southern Peru Copper Corporation,

Peru Branch Office Moquegua Copper CONCEPTUAL 1300
2027 Los Chancas Southern Peru Copper Corporation,

Peru Branch Office Apurimac Copper PRE-FEASIBILITY 2600
2028 Trapiche El Molle Verde S.A.C. Apurimac Copper PRE-FEASIBILITY 973
2029 Michiquillay Southern Peru Copper Corporation,

Peru Branch Office Cajamarca Copper CONCEPTUAL 2500
TBD Bayovar Expansion Compañia Minera Miski Mayo S.R.L. Piura Phosphate FEASIBILITY 450
TBD Cuajone Expansion Southern Peru Copper Corporation,

Peru Branch Office Moquegua Copper CONCEPTUAL 850
TBD Pachapaqui Expansion ICM Pachapaqui S.A.C. Ancash Zinc FEASIBILITY 117
TBD Antilla Panoro Apurimac S.A. Apurimac Copper PRE-FEASIBILITY 250
TBD Ariana* Ariana Operaciones Mineras S.A.C. Junin Copper CONSTRUCTION 140
TBD Ayawilca Tinka Resources S.A.C. Pasco Zinc CONCEPTUAL 264

Start date TBD due to factors related to business decisions, social issues, among others.
TBD Cañariaco Cañariaco Copper Peru S.A. Lambayeque Copper PRE-FEASIBILITY 1043
TBD Cañon Florida Nexa Resources Peru. S.A.A. Amazonas Zinc CONCEPTUAL 214
TBD Chalcobamba Phase I Minera Las Bambas S.A. Apurimac Copper DETAIL ENGINEERING 130
TBD Conga Minera Yanacocha S.R.L. Cajamarca Gold FEASIBILITY 4800
TBD Cotabambas Panoro Apurimac S.A. Apurimac Copper PRE-FEASIBILITY 1486
TBD Don Javier Junefield Group S.A. Arequipa Copper CONCEPTUAL 600
TBD El Galeno Lumina Copper S.A.C. Cajamarca Copper PRE-FEASIBILITY 3500
TBD Haquira Minera Antares Peru S.A.C. Apurimac Copper PRE-FEASIBILITY 1860
TBD Hierro Apurimac Apurimac Ferrum S.A.C. Apurimac Iron PRE-FEASIBILITY 2900
TBD Hilarion Nexa Resources Peru. S.A.A. Ancash Zinc PRE-FEASIBILITY 585
TBD Integracion Coroccohuayco Compañia Minera Antapaccay S.A. Cusco Copper PRE-FEASIBILITY 590
TBD La Arena II La Arena S.A. La Libertad Copper CONCEPTUAL 1364
TBD La Granja Rio Tinto Minera Peru Limitada S.A.C. Cajamarca Copper CONCEPTUAL 5000
TBD Los Calatos Minera Hampton Peru S.A.C Moquegua Copper PRE-FEASIBILITY 655
TBD Ollachea Minera Kuri Kullu S.A. Puno Gold PRE-FEASIBILITY 89
TBD Pampa de Pongo Jinzhao Mining Peru S.A. Arequipa Iron PRE-FEASIBILITY 2344
TBD Rio Seco Copper Plant Procesadora Industrial Rio Seco S.A. Lima Copper FEASIBILITY 410
TBD Pukaqaqa Nexa Resources Peru. S.A.A. Huancavelica Copper PRE-FEASIBILITY 655
TBD Quechua Compañia Minera Quechua S.A. Cusco Copper PRE-FEASIBILITY 1290
TBD Inmaculada Replenishment Compañia Minera Ares S.A.C Ayacucho Gold FEASIBILITY 1319
TBD Raura Replenishment Compañia Minera Raura S.A. Huanuco Zinc FEASIBILITY 76
TBD Tantahuatay Replenishment Compañia Minera Coimolache S.A. Cajamarca Gold FEASIBILITY 194
TBD Rio Blanco Rio Blanco Copper S.A. Piura Copper FEASIBILITY 2500
TBD San Luis Reliant Ventures S.A.C. Ancash Silver FEASIBILITY 90
TBD Shalipayco Nexa Resources Peru. S.A.A. Junin Zinc PRE-FEASIBILITY 91
TBD Tia Maria Southern Peru Copper Corporation,

Peru Branch Office Arequipa Copper DETAIL ENGINEERING 1400
TBD Yumpag Compañia de Minas Buenaventura S.A.A. Pasco Silver FEASIBILITY 81
TOTAL 47 PROjECTS 53,715
TBD: To be defined
* The Ariana project owned by Ariana Operaciones Mineras S.A.C. is currently in a paralyzed construction stage [See sheet: Ariana].
** Year in which construction of all project components is completed
Developed by the Mining Promotion Department of the General Directorate of Mining Promotion and Sustainability.

II. CHANGES REGISTERED
IN THE PORTFOLIO
2.1. CHANGES IN THE METHODOLOGY

This chapter details the main changes for the incorporation of projects in
the portfolio, according to the new version of the methodology.
PREVIOUS METHODOLOGY
Projects in the portfolio had to meet at least the following requirements
for inclusion:
I. Investment (CAPEX) equal to or higher than US$ 70 million.

II. Start of operation or start-up within the next 10 years.
III. It must be have at least or be developing their pre-feasibility
studies.
UPDATED METHODOLOGY
For this new edition, a detailed analysis was carried out and some
requirements were adjusted as follows:
I. Capex investment (in construction) equal to or higher than US$

70 million.
II. Tentative start-up within the next 12 years.
III. It must be at least in an advanced exploration stage and it must
have or be developing studies for its start-up.
PROGRESS OF STAGES
The conceptual stage was added with the objective of identifying
projects that have preliminary economic studies and/or are developing
advanced exploration activities in order to define mineral resources.
2.2. CHANGES IN THE PROJECTS

IN THE PORTFOLIO
In this section, the Mining Investment Project Portfolio for 2023 is
compared to the previous version published by MINEM (November 2021
Edition), thus reflecting the evolution and dynamism of the mining
projects. In this manner, a summary of the main changes with respect
to the previous edition is presented.

The overall investment in this edition amounts to US$ 53 715 million,

reflected in 47 projects geographically distributed in 18 regions of Peru.
It stands out for registering an increase of 1.0% in contrast to the
previous edition of the portfolio, resulting from the exit of 4 projects (3
due to restructuring and 1 due to start-up), as well as the entry of 8
projects, resulting in 4 more projects than those contemplated in the
previous edition.
COMPARISON OF THE PROJECT PORTFOLIO (2021 and 2023)

The most important changes in the new version of the portfolio are
detailed below:
1. Regarding the "Quellaveco" project, Anglo American Quellaveco

S.A. communicated on September 22, 2022 the start of its
commercial production, after the granting of the Beneficiation
Concession title and the authorization for the operation of Line
1, which includes the beneficiation plant with an installed capacity
of 63 750 MT/day, among other aspects.
2. Eight projects were added to the current edition of the portfolio,
including the following: Bayovar Expansion (US$ 450 million),
Cuajone Expansion (US$ 850 million), La Arena II (US$ 1364
million), Antamina Replenishment (US$ 1604 million), Ilo
Expansion (US$ 1300 million), Raura Replenishment (US$ 76
million), Tantahuatay Replenishment (US$ 194 million) and Romina
(US$ 150 million). This group of projects together amount to a
CAPEX investment of US$ 5989 million.
3. Three projects were not considered in this portfolio, these are:
AZOD (Accha and Yanque), Falchani and Macusani, which commit
an investment of US$ 346 million, US$ 587 million and US$ 300
million, respectively. The main developments were:
• The AZOD project was dropped from the portfolio because

the investor (Zincore Metals Inc.) failed to make payments
on its mining concessions for right of good standing. The
mining rights were extinguished that same year and
declared freely denounceable by the corresponding entity
in mid-2021.
• The Falchani and Macusani projects were not considered in

this edition because they do not meet the updated
minimum requirements (that they are at least in an advanced
exploration stage and have or are developing studies for
their start-up) contemplated in the portfolio. In accordance
with a the registry of environmental certifications for
exploration activities in the Online Environmental
Assessment System (SEAL), as well as the registry of
authorizations to start exploration activities.

CHANGES REGISTERED IN THE PORTFOLIO
4. Compared to the previous version, 31 projects maintain their glo-

bal investment amount (US$ 37 385 million), representing 69.6%
of the total participation in the portfolio.
5. The remaining 8 projects modified their investment amounts,

equivalent to a difference of US$ 1091 million, among which the
following stand out:
• The overall investment for the Canariaco project decreased

from US$ 1560 million to US$ 1043 million according to the
"NI 43-101 Preliminary Economic Assessment Technical
Report" published by Candente Copper Corp. in March 2022.
• As for the Corani project, its investment amount increased
from US$ 579 million to US$ 700 million due to the increase
in financing costs, as well as persistent inflation.
• The Magistral project increased from US$ 490 million to
US$ 493 million as a result of the CAPEX investment
adjustment contemplated in its Modification of the Detailed
Environmental Impact Study (MEIA-d), which includes the
evaluation of the impacts generated by the development
of the components and activities that will be part of the
project.
• The Inmaculada Replenishment project recorded an increase
from US$ 136 million to US$ 1319 million as contemplated
in its Second Modification of Detailed Environmental Impact
Study (2nd MEIA-d), which includes the design, construction,
among others.
• The CAPEX investment for the Pampa de Pongo project
decreased from US$2550 million to US$2344 million. This
investment includes construction investment, insurance and
working capital.
• Total investment in the San Gabriel project increased from
US$422 million to US$470 million, according to the
corporate presentation at Investor Day.
• Similarly, the total investment of Yanacocha Sulfides
increased from US$ 2250 million to US$ 2500 million, due
to the company's update of the estimated project amount.
In addition, the incumbent (Newmont) announced the delay
of its operations as a result of higher commodity and raw
material prices, prolonged supply chain disruptions, among
other factors.
• The Zafranal project recorded an update of its estimated
investment amount increased from US$ 1263 million to US$
1473 million, which includes mine operating costs, general
and administrative costs, and concentrate transportation.

Chart 02: Principal changes in the mining investment project portfolio 2023
ITEM NUMBER OF PORTFOLIO’S PORTFOLIO’S INVESTMENT

PROJECTS1 INVESTMENT 2021 INVESTMENT 2023 DIFFERENCE
(US$ M) (US$ M)
PROJECTS THAT STARTED OPERATIONS 1 5300 -5300
PROJECTS THAT LEFT THE PORTFOLIO 3 1233 -1233
PROJECTS ADDED TO THE PORTFOLIO 8 5989 5989
PROJECTS WITH INVESTMENT MODIFICATIONS 8 9250 10 341 1091
PROJECTS WITHOUT INVESTMENT MODIFICATIONS 31 37 385 37 385 -
TOTAL 47 53 168 53 715 547
1. Mining projects that started operations or left the portfolio are not considered in the summation for the number of projects
in this edition.
Graph 01: Comparison between 2021 and 2023 project portfolio
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III. METHODOLOGY
3.1. COVERAGE
The Mining Investment Project Portfolio 2023 is composed of projects
whose objectives include the execution of investments through the
construction of the necessary infrastructure in order to achieve the
operational start-up of mining activities such as exploitation and/or
beneficiation in accordance with current regulations. All the projects
are owned by private companies in the general regime stratum (large
and medium mining) and cover both metallic and non-metallic mineral
production.
Additionally, there are methodological criteria that have the purpose
of developing a portfolio of sustainable and feasible projects within an
established time horizon. Among these requirements are: a) the project
must have a Capex investment (in construction) equal to or greater
than US$ 70 million, b) the project must contemplate a tentative start-
up within the next twelve years and c) the project is at least at an
advanced exploration stage and has or is developing studies for its
start-up.
3.2. PROJECT TYPES

This characteristic provides information on the strategic purpose of the
companies and the degree of complexity of the mining projects. The
following categories are described below:
GREENFIELD PROJECTS
• New: These are projects with no history of large-scale mining

production activity within the mining concessions that comprise
it, so they require the settlement in a new geographical space,
development of new infrastructure and facilities.

BROWNFIELD PROJECTS
• New: These include projects in current operations (brownfield),
but which contemplate a substantial change in the production
process, which implies the development and exploitation of a
new deposit.
• Expansion: These are projects that mainly seek to expand the
current processing capacity through the installation of new
components and/or technological improvements.
• Replenishment: Those projects that mainly seek to maintain the
current productive capacity through the development of new
exploitation areas, due to a drop in grades and/or depletion of
reserves in order to extend the useful life of the Mining Unit.
• Reuse: Projects whose main objective is the reuse of tailings
containing economically profitable minerals at present.
3.3. STAGES OF PROGRESS

This section describes the stage of development of the project. The
following categories are described below:
• Conceptual: In this stage, preliminary economic studies are
possessed or being developed in order to define mineral
resources.
• Pre-feasibility: Includes projects with pre-feasibility studies
initiated until the conclusion of the same.
• Feasibility: Composed of those projects with feasibility studies
initiated until the conclusion of the same.
• Detailed engineering: Composed of those projects that initiated
detailed engineering studies.
• Construction: At this stage are those projects that have already
started the execution of investments for their construction after
obtaining the necessary permits and/or authorizations.
Projects generally continue with their stages; however, the progress of

a project may be affected by a suspension or stoppage for reasons
internal or external to the company. In some cases a project may return
to an earlier stage in order to re-evaluate or update its studies.

METHODOLOGY
3.4. WATER CONSUMPTION BASED

ON SOURCE OF SUPPLY
In the framework of the accompaniment and technical assistance
provided through CEPAL-BGR management of South - South
cooperation, the joint initiative called "Mining Statistics, Methodological
Transfers between Chile and Peru" was carried out, which brought
together professionals from both countries in a first meeting held in
the city of Lima in Peru in 2019 and a second meeting in the city of
Santiago in Chile, in the first quarter of 2020.
In view of the above, and in order to homogenize the technical
terminology used in this portfolio of mine construction projects, the
scale of water supply sources presented in the report "water
consumption in copper mining in 2017" of the Chilean Copper
Commission (COCHILCO) is adopted as a reference.
3.5. SOURCES OF INFORMATION

The information contained in the Portfolio is compiled from various
sources by the Mining Promotion Directorate of the Ministry of Energy
and Mines. In case there are differences between data from different
sources, the data from the most reliable official source is taken, in the
following order of priority:
I. Environmental Management Instruments, Authorizations for
Exploitation Activities and/or applications for Beneficiation
Concessions.
II. Technical reports, preliminary evaluations, pre-feasibility, feasibility
and detailed engineering studies.
III. Reports to shareholders, quarterly and annual reports, and
financial reports.
IV. Official presentations to MINEM by the project owner.
V. Articles, magazines, web pages and other specialized media.


IV. ANALYSIS OF THE
PROJECT PORTFOLIO
4.1. INVESTMENTS ACCORDING TO THE START

OF CONSTRUCTION OF THE PROJECTS
In this section, the projects in the portfolio will be analyzed
chronologically according to the year in which they started or plan to
start the construction stage.
Consequently, in 2018, construction began on the US$ 1355 million
Toromocho Expansion copper project in Junin. Subsequently, in 2019,
construction began on the US$ 121 million Santa Maria Expansion gold
project in La Libertad.
In 2020, due to the pandemic caused by Covid-19, the projects that
were scheduled to start construction in that year were rescheduled for
later years. However, it is important to note that in the fourth quarter of
2020, the construction of Phase I of the Toromocho Expansion project
was completed, which consisted of increasing the plant capacity from
117,200 to 140,640 tons per day (tpd).
Subsequently, in 2021, it began construction of the US$140 million
Shouxin Expansion project in Ica, which consists of the expansion of its
beneficiation plant. In this regard, the combined investment of the projects
that started construction between 2018 and 2021 totals US$ 1616 million,
representing 3.0% of the global investment portfolio.
Construction of the US$ 470 million San Gabriel gold project in
Moquegua began in 2022. It is also important to mention that the US$5.3
billion Quellaveco copper project began operations in the fourth quarter
of 2022, which is why it is not included in this portfolio.
By 2023, 4 projects are expected to start construction with a combined
investment of US$ 2947 million, representing 5.5% of the overall
investment in the portfolio. The Magistral, Corani, Romina and Antamina
Replenishment projects belong to this group. It should be noted that
the last two projects mentioned are being incorporated for the first
time in the portfolio.
On the other hand, by 2024, the Yanacocha Sulfides project of US$ 2.5
billion in Cajamarca and the Zafranal project of US$ 1.47 billion in
Arequipa are expected to start construction, which together total an
investment of US$ 3.97 billion and represent 7.4% of total investments.

Therefore, the projects that are expected to start construction between

2023 and 2024 [See Graph 02], contemplate a combined investment of
US$ 6920 million, representing 12.9% of the total investment in the
portfolio.
Finally, the 2023 Mining Investment Project Portfolio consists of 37
projects that have not yet defined a construction start date, mainly
because they are at an early stage. This group presents a combined
investment of US$ 44 709 million, which represents 83.2% of the global
investment portfolio.
Graph 02: Start of construction

of Mining Investment Projects

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ANALYSIS OF THE PROJECT PORTFOLIO
4.2. INVESTMENTS BY
PROJECT LOCATION
BY REGION:
Regarding investments according to project location, these are located
in 18 regions nationwide, with the Cajamarca region standing out for
boasting the largest investment amount equivalent to US$ 18 494
million, a figure that represents 34.4% of the total investment in portfolio
with 6 projects. The project that stands out in this northern region for
its investment amount is La Granja (US$ 5000 million); on the other
hand, with respect to the nearest start of construction, Yanacocha
Sulfides stands out (US$ 2500 million), due to the fact that it plans to
start construction in 2024.
Graph 03: Investment in mining

investment projects by location
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In second place is the Apurimac region with a combined investment of

US$ 10 199 million, reflecting a 19.0% share of the overall investment
portfolio with 7 projects. Of this group, the most representative projects
are Hierro Apurimac, Los Chancas and Haquira, with the highest
investment amounts of US$ 2900 million, US$ 2600 million and
US$ 1860 million, respectively.
In third place is the Arequipa region with an investment amount
equivalent to US$ 5817 million, representing 10.8% of the total
investment portfolio with 4 projects, of which the most representative
project is Zafranal (US$ 1473 million) due to its start of construction
scheduled for 2024.
On the other hand, the regions of Moquegua (4 projects) and Piura (2
projects), with investments of US$ 3275 million and US$ 2950 million
respectively, together account for 11.6% of the overall investment
portfolio. Of these two regions, in Moquegua, the Ilo Expansion project
stands out with an investment of US$ 1.3 billion; while in Piura, the Rio
Blanco project stands out with US$ 2.5 billion.
Meanwhile, the regions of Ancash (5 projects) and Cusco (2 projects)
have investments of US$ 2889 million and US$ 1880 million, respectively.
Both regions together represent 8.9% of the total investment in the
portfolio. Of these 7 projects, the most significant are Antamina
Replenishment in Ancash with US$ 1604 million and Quechua in Cusco
with an estimated investment amount of US$ 1290 million.
The regions with a share of more than 2.0% of total investment are
Junín (US$ 1586 million), La Libertad (US$ 1485 million) and Ayacucho
(US$ 1319 million). These three regions together represent 8.2% of the
total investment in the portfolio. The most significant projects in these
regions are Toromocho Expansion (US$ 1355 million) in Junin, La Are-
na II (US$ 1364 million) in La Libertad and Inmaculada Replenishment
(US$ 1319 million) in Ayacucho.
Finally, the regions of Lambayeque, Puno, Huancavelica, Lima, Pasco,
Amazonas, Ica, and Huánuco together concentrate 7.1% of the total
portfolio investment, with a group investment of US$ 3822 million,
distributed in 11 projects.
BY MACROREGION:
Regarding investments according to macro-regions, the north stands
out for the largest investment, boasting an amount of US$ 23 972 million
and representing 44.6% of the overall investment in portfolio with 11
projects.
On the other hand, the southern and central macro-regions are in
second and third place respectively, together representing 55.0% of
participation, with a combined investment of US$ 29 529 million. It
should be noted that the southern macro-region includes 19 projects,
while the central macro-region has 16 projects, and the Huánuco region
is included for the first time.

Finally, the eastern macro-region includes 1 project, Canon Florida,

located in the Amazonas region with an investment of US$ 214 million,
representing 0.4% of the total investment in the Portfolio.
Graph 04:
Investment by macro-region
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4.3. INVESTMENTS ACCORDING TO THE COUNTRY

OF ORIGIN OF THE MAIN INVESTOR
Regarding investments in mining projects according to the country of
origin of the main investor, these come from 11 different countries
distributed in 4 continents (America, Europe, Asia and Oceania). In this
edition, China displaces the United Kingdom from first place as a result
of the start-up of Quellaveco (US$ 5.3 billion) in September 2022, so
the former project is no longer considered in this edition of the portfolio.
Chinese investments represent 19.7% of the total investment in the
portfolio contained in 7 projects and a combined investment amount

of US$ 10 569 million, among the most representative investors are

China Minmetals Corporation, Zijin Mining Group Co. Ltd. and
Zhongrong Xinda Group Co. Ltd. with their projects El Galeno
(US$ 3500 million), Rio Blanco (US$ 2500 million) and Pampa de Pongo
(US$ 2344 million), respectively.
Graph 05: Investment in mining investment projects

by country of origin of the main investor
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In second place are investments from Mexico, which climbed 3 positions

compared to the previous edition of the portfolio. Mexican investments
reflect a total of US$ 8844 million, with a 16.5% share of the total and 6
projects in the portfolio. Of these, 5 projects belong entirely to Grupo
México S.A.B. de C.V. operated in Peru by Southern Peru Copper
Corporation Sucursal del Perú, the most representative projects being:
Los Chancas (US$ 2600 million), Michiquillay (US$ 2500 million) and Ilo
Expansion (US$ 1300 million). The remaining project, Tantahuaytay
Replenishment (US$ 194 million), is 44.2% owned by the same
shareholder.
Regarding Canadian investments, they remain in third position with an
investment that amounts to US$ 8176 million, containing 15.2% of the
total investment concentrated in 7 mining projects. Among the investors
with the highest participation in mining projects are: First Quantum
Minerals Ltd. with the Haquira project (US$ 1860 million), Panoro

Minerals Ltd. with the Cotabambas project (US$ 1486 million) and Teck
Resources Copper with the Zafranal project (US$ 1473 million). The latter
is expected to start construction in 2024.
With regard to investments from the United States, these reach an
investment of US$ 8176 million, reflecting a participation of 15.2% of
the total investment in the portfolio with 4 projects. It is worth noting
that 2 projects, Conga and Yanacocha Sulfides, belong entirely to
Newmont Goldcorp Corp. reflecting a combined investment of US$ 7300
million. The Bayovar Expansion project (US$ 450 million) belongs to the
majority investor The Mosaic Company, and the San Luis project (US$
90 million) belongs to SSR Mining Inc. with 100% participation.
Investments from the United Kingdom represent 13.6% of the total
investment portfolio, which are distributed in 6 projects, equivalent to
US$ 7,324 million. Of this group, Rio Tinto Plc. stands out with the La
Granja project (US$ 5000 million), Hochschild Plc. with the Inmaculada
Replenishment project (US$ 1319 million) and CD Capital Natural
Resources Fund III with Los Calatos (US$ 655 million). It is also important
to mention the investor Talingo Corporation with the largest
participation in the Santa Maria Expansion project (US$ 121 million),
which is in the construction stage and is expected to be commissioned
by 2023.
Australian investments represent 5.4% of the total investment portfolio
with US$ 2.9 billion and a single project. The project in question is Hie-
rro Apurimac, 100% owned by Strike Resources Limited.
Investments from Switzerland represent 4.4% of the total investment
portfolio with US$ 2344 million and 3 projects. Investors from this
country include Xstrata Glencore with the Antamina Replenishment
project, Glencore Plc. with Coroccohuayco Integration, and Volcan Com-
pañia Minera S.A.A. with the Romina project.
For its part, Peruvian investments represent 4.2% of the global
investment portfolio, with 6 projects and a combined investment amount
of US$ 2274 million. It is important to mention that 4 projects in the
portfolio (Rio Seco Copper Plant, San Gabriel, Trapiche, and Yumpag)
belong 100% to Grupo Buenaventura; while 1 project, Ayawilca, contains
a 19.3% participation of this same investor. The remaining project (Raura
Replenishment) has Brescia Group as the main investor with an overall
investment of US$ 76 million.
Finally, investments from Brazil (5 projects), Japan (1 project) and South
Korea (1 project) together represent a 6.4% share of total investments
with US$ 3444 million contained in 7 projects. The main investors in
each country are Hejoassu Administração S.A., Pan Pacific Copper Co.
Ltd. and Korea Zinc Company, respectively.

4.4. INVESTMENTS BY TYPE OF PROJECT

Regarding projects by type of mine, these can be grouped into
greenfield or brownfield. Greenfield projects are those that have not
registered productive activities within the mining concessions that
compose it, so they do not need a new geographic space; on the other
hand, brownfield projects are developed in the same place and in parallel
to the productive process in progress. It is worth mentioning that, in
this edition of the portfolio, brownfield projects are divided into 3
subtypes: as expansion, replenishment and new projects. [See Annex 1:
Methodology, type of project].
Based on the above, the Mining Investment Project Portfolio 2023 is
made up of 47 projects with a combined investment of US$ 53 715
million. It is important to mention that, of the total number of projects
in the portfolio, 29 correspond to greenfield projects and have an
investment of US$ 40 965 million, reflecting a 76.3% share of the overall
investment of the Portfolio.
Graph 06: Investment according to type of project
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Brownfield projects represent an investment of US$ 12.75 billion,

representing 23.7% of the overall investment in the portfolio with 18
projects. Of these projects, 7 correspond to expansion projects with a
combined investment of US$ 4333 million reflecting 8.1% of the total
investment; another 3 projects are categorized as new and have an
investment of US$ 4274 million representing 8.0% of the total; while
the remaining 8 projects are replenishment projects with an investment
of US$ 4144 million and a participation of 7.7%.
The expansion projects include Toromocho Expansion (US$ 1355
million), Santa Maria Expansion (US$ 121 million) and Shouxin Expansion
(US$ 140 million), which started construction in 2018, 2019 and 2021,
respectively. New projects include Yanacocha Sulfides (US$ 2500 million),
which is expected to start construction in 2024, La Arena II (US$ 1364
million) and the Rio Seco Copper Plant with an investment of US$ 410
million. Finally, among the replenishment projects that are expected to
start construction in 2023 are Antamina Replenishment (US$ 1604
million) and Romina (US$ 150 million).
4.5. INVESTMENTS BY PROJECT

PROGRESS STAGE
In the analysis of investments by stage of progress, this edition has 5
projects3 in the construction stage with a combined investment of
US$ 2226 million, which represents 4.1% of the overall investment in
the Portfolio. Of this group, 2 projects stand out due to their upcoming
start of operations in 2023: Santa María Expansion (US$ 121 million)
and Shouxin Expansion (US$ 140 million) which started construction in
2019 and 2021, respectively. It is also important to note that the San
Gabriel project started construction in 2022.
On the other hand, it should be noted that the Quellaveco project,
considered in the previous edition of the portfolio, started the
operational stage in September 2022, which is why it is no longer
considered in this publication.
Moreover, in the Detailed Engineering stage, there are 4 projects with a
combined investment of US$ 4730 million, which represents 8.8% of
the total investment. These projects are: Yanacocha Sulfides (US$ 2.5
billion), Tia Maria (US$ 1.4 billion), Corani (US$ 700 million) and
Chalcobamba Phase I (US$ 130 million).
Regarding projects in the Feasibility stage, the current portfolio reflects
14 projects with a combined investment of US$ 13 757 million,
representing 25.6% of the total investment. The projects that stand out
at this stage are: Rio Blanco (US$ 2500 million) and Antamina
3 The Ariana project, owned by Replenishment (US$ 1604 million).
Ariana Operaciones Mineras
S.A.C., is in a paralyzed construc- In addition, the largest number of projects is concentrated in the pre-
tion stage [See file: Ariana]
feasibility stage, with 16 projects with an estimated combined investment

of US$ 20.91 billion, representing 38.9% of the overall investment in

the Portfolio. The most representative projects are: El Galeno (US$ 3.5
billion) and Los Chancas (US$ 2.6 billion). Finally, in the Conceptual
stage there are 8 projects with a global investment of US$ 12 092 million,
reflecting a participation of 22.5%. The most representative projects in
this stage are: La Granja (US$ 5000 million) and Michiquillay (US$ 2500
million).
Graph 07: Investment in mine projects according to stage of advancement
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KEWdh> WZͲ&^//>/dz &^//>/dz E'/EZ/E' KE^dZhd/KE
h^ΨϭϮϬϵϮ h^ΨϮϬϵϭϬ h^Ψϭϯϳϱϳ h^ΨϰϳϯϬ h^ΨϮϮϮϲ

ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ
ϮϮй ϯϵй Ϯϲй ϵй ϰй
ƵĂũŽŶĞǆƉĂŶƐŝŽŶ
ŶƟůůĂ ĂǇŽǀĂƌǆƉĂŶƐŝŽŶ ŚĂůĐŽďĂŵďĂ^ƚĂŐĞ/ ^ĂŶƚĂDĂƌŝĂǆƉĂŶƐŝŽŶ
/ůŽǆƉĂŶƐŝŽŶ ĂŹĂƌŝĂĐŽ WĂĐŚĂƉĂƋƵŝǆƉĂŶƐŝŽŶ ŽƌĂŶŝ ^ŚŽƵǆŝŶǆƉĂŶƐŝŽŶ
ǇĂǁŝůĐĂ ŽƚĂďĂŵďĂƐ ŽŶŐĂ dŝĂDĂƌŝĂ dŽƌŽŵŽĐŚŽǆƉĂŶƐŝŽŶ
ĂŹŽŶ&ůŽƌŝĚĂ ů'ĂůĞŶŽ DĂŐŝƐƚƌĂů zĂŶĂĐŽĐŚĂ^ƵůĮĚĞƐ ƌŝĂŶĂΎ
ŽŶ:ĂǀŝĞƌ ,ĂƋƵŝƌĂ ŶƚĂŵŝŶĂZĞƉůĞŶŝƐŚŵĞŶƚ ^ĂŶ'ĂďƌŝĞů
>ĂƌĞŶĂ// ,ŝĞƌƌŽƉƵƌŝŵĂĐ /ŶŵĂĐƵůĂĚĂZĞƉůĞŶŝƐŚŵĞŶƚ
>Ă'ƌĂŶũĂ ,ŝůĂƌŝŽŶ ZŝŽ^ĞĐŽŽƉƉĞƌWůĂŶƚ
DŝĐŚŝƋƵŝůůĂǇ /ŶƚĞŐƌĂĐŝŽŶŽƌŽĐĐŽŚƵĂǇĐŽ ZĂƵƌĂZĞƉůĞŶŝƐŚŵĞŶƚ
>ŽƐĂůĂƚŽƐ dĂŶƚĂŚƵĂƚĂǇZĞƉůĞŶŝƐŚŵĞŶƚ
>ŽƐŚĂŶĐĂƐ ZŝŽůĂŶĐŽ
KůůĂĐŚĞĂ ZŽŵŝŶĂ
WĂŵƉĂĚĞWŽŶŐŽ ^ĂŶ>ƵŝƐ
WƵŬĂƋĂƋĂ zƵŵƉĂŐ
YƵĞĐŚƵĂ ĂĨƌĂŶĂů
^ŚĂůŝƉĂǇĐŽ

4.6. INVESTMENTS BY SOURCE OF

SUPPLY FOR WATER CONSUMPTION
This section analyzes the main source of water supply for mining projects
in the portfolio. The National Water Authority4 (ANA, by its acronym in
Spanish), through the publication of the National Compendium of Water
Resources Statistics in 20184, presented the results of water use in the
mining subsector within the 14 Water Administrative Authorities (AAA,
by its acronym in Spanish) distributed in different water basins in Peru,
the study shows that the mining industry only uses 2.0% of the total
volume of consumptive use.
Thus, it is necessary to present the category and/or classification of
each water resource source that the mining projects estimate to use in
this portfolio update. It is also worth mentioning that water consumption
in Peruvian mining is closely related to the level of production plus
other uses derived from this activity. Chart 03 below shows the
classification of the projects that compose the portfolio, according to
the source of supply:
Chart 03: Water consumption supply sources
SUPPLY SOURCES PROJETCS TOTAL % SHARE IN

BY GROUP INVESTMENT TOTAL
(US$ M) INVESTMENT
SINGLE SOURCE
SURFACE WATER 16 20,232 37.70%
UNDERGROUND WATER 8 4,723 8.80%
SEAWATER 3 4,399 8.20%
MIXED SOURCE
SURFACE AND UNDERGROUND WATER 5 2,584 4.80%
SURFACE AND SEAWATER 1 450 0.80%
NOT AVAILABLE 14 21,327 39.7%
TOTAL (US$ M) 47 53,715 100.0%
A detailed analysis of investments by source of supply shows that of

the 47 projects in the portfolio, 27 correspond to projects with a single
source of water, representing 54.6% of the total investment. The largest
share corresponds to surface water sources with 16 projects in the
portfolio and a share of 37.7% of the overall investment, with the most
representative projects being Hierro Apurimac in Apurimac, Rio Blanco
4 National Water Authority (ANA): in Piura and Yanacocha Sulfides in Cajamarca.
National Compendium of Water
Resources Statistics 2018 - "Sta-
tistics of volumes used by the This is followed by the underground water source, which groups 8
administrative authority of water projects and together represent 8.8% of the total investment. The main
2018". Published in December
2019. projects in this group are Zafranal in Arequipa and Inmaculada

Replenishment in Ayacucho. Additionally, the seawater consumption

source contains 3 projects, accounting for 8.2% of the total portfolio.
These projects are Pampa de Pongo and Tia Maria, both located in the
Arequipa region, and Los Calatos in Moquegua.
Projects with a mixed water source include 6 projects, reflecting a 5.6%
share of the overall investment. Of these, 5 projects belong to the
classification of surface and underground water, highlighting
Toromocho Expansion in Junin and Corani in Puno. The remaining
project, Bayovar Expansion, located in Piura, will use surface and sea
water sources.
Finally, the projects with no information available on their water supply
sources are at an early stage of progress, which is why they are classified
as unavailable. This last group is composed of 14 projects, which
represent 39.7% of the global investment portfolio. The projects that
stand out are: La Granja and El Galeno, both in Cajamarca.
Graph 08: Sources of Supply
^hZ&tdZ
WĂĐŚĂƉĂƋƵŝǆƉĂŶƐŝŽŶ ŚĂůĐŽďĂŵďĂ^ƚĂŐĞ/ ŝĞƌƌŽƉƵƌŝŵĂĐ
, ĂƵƌĂZĞƉůĞŶŝƐŚŵĞŶƚ
Z
^ŚŽƵǆŝŶǆƉĂŶƐŝŽŶ ŽŶŐĂ zƵŵƉĂŐ ZŝŽůĂŶĐŽ
ŶƟůůĂ ŽƚĂďĂŵďĂƐ WƵŬĂƋĂƋĂ ^ĂŶ>ƵŝƐ
ĂŹĂƌŝĂĐŽ ,ĂƋƵŝƌĂ ŶƚĂŵŝŶĂZĞƉůĞŶŝƐŚŵĞŶƚ zĂŶĂĐŽĐŚĂ^ƵůĮĚĞƐ
hEZ'ZKhEtdZ
^ŝŶŐůĞƐŽƵƌĐĞ ͻ ƌŝĂŶĂ ͻ/ŶŵĂĐƵůĂĚĂZĞƉůĞŶŝƐŚŵĞŶƚ
ͻ/ŶƚĞŐƌĂĐŝſŶŽƌŽĐĐŽŚƵĂǇĐŽ ͻZŽŵŝŶĂ
ŽĨƐƵƉƉůǇ ͻDĂŐŝƐƚƌĂů ͻ^ĂŶ'ĂďƌŝĞů
ͻKůůĂĐŚĞĂ ͻĂĨƌĂŶĂů
^tdZ
ͻ>ŽƐĂůĂƚŽƐ
ͻWĂŵƉĂĚĞWŽŶŐŽ
ͻdşĂDĂƌşĂ
^hZ&tdZEhEZ'ZKhEtdZ
ͻ^ĂŶƚĂDĂƌŝĂǆƉĂŶƐŝŽŶ ͻŽƌĂŶŝ
ͻdŽƌŽŵŽĐŚŽǆƉĂŶƐŝŽŶ ͻdĂŶƚĂŚƵĂƚĂǇZĞƉůĞŶŝƐŚŵĞŶƚ
ͻĂŹŽŶ&ůŽƌŝĚĂ
DŝǆĞĚƐŽƵƌĐĞ
ŽĨƐƵƉƉůǇ
^hZ&tdZE^tdZ
ͻĂǇŽǀĂƌǆƉĂŶƐŝŽŶ
EŽŝŶĨŽƌŵĂƟŽŶ EKds/>>
ĂǀĂŝůĂďůĞŽŶ ͻƵĂũŽŶĞǆƉĂŶƐŝŽŶ ͻ>Ă'ƌĂŶũĂ ͻ>ŽƐŚĂŶĐĂƐ ͻ^ŚĂůŝƉĂǇĐŽ
ͻ/ůŽǆƉĂŶƐŝŽŶ ͻů'ĂůĞŶŽ ͻDŝĐŚŝƋƵŝůůĂǇ ͻdƌĂƉŝĐŚĞ
ƐŽƵƌĐĞŽĨƐƵƉƉůǇ ͻǇĂǁŝůĐĂ ͻ,ŝůĂƌŝŽŶ ͻZŝŽ^ĞĐŽŽƉƉĞƌWůĂŶƚ
ͻŽŶ:ĂǀŝĞƌ ͻ>ĂƌĞŶĂ// ͻYƵĞĐŚƵĂ

4.7. INVESTMENTS ACCORDING

TO THE TYPE OF EXPLOITATION
Choosing the type of exploitation to be implemented at the beginning
of the operation stage of a project is essential to start the extraction of
minerals in an adequate manner, and thus maximize the volume of mi-
neral extraction. Therefore, it is necessary to know the geographical
conditions of the area where the mining project will be located and the
degree of mineralization.
Therefore, this edition of the portfolio considers the categorization of
mining project investments according to the type of exploitation to be
implemented in the operation stage, which can be open pit,
underground, open pit and underground (mixed) and finally those that
do not apply to the above definitions.
Precisely, of the 47 projects that compose the portfolio, 24 correspond
to the open pit exploitation method, which together have an investment
of US$ 39.4 billion, representing 73.3% of the total. From this list, the
following projects stand out: Antamina Replenishment (US$ 1604 million)
in Ancash, Zafranal (US$ 1473 million) in Arequipa and Toromocho
Expansion (US$ 1355 million) located in Junin; the latter is in the
construction stage; while the first two are expected to start construction
in 2023 and 2024, respectively.
On the other side, there are 12 projects characterized as underground
with a combined investment amount of US$ 5763 million representing
10.7% of the total, the most outstanding projects are Pampa de Pongo
(US$ 2344 million) in Arequipa, Inmaculada Replenishment (US$ 1319
million) in Ayacucho and Hilarion (US$ 585 million) in Ancash. It is worth
mentioning that San Gabriel (US$ 470 million) located in Moquegua is
the only project in this type of exploitation that started construction in
2022. This method of extraction is possible in a highly seismic country
like Peru, thanks to the technological advances that have been developed
in recent decades.
In addition, the portfolio also includes 4 mixed exploitation projects, i.e.
open pit and underground, which reflect a combined investment of US$
5165 million with a 9.6% share of the total. This group includes the
Yanacocha Sulfides project (US$ 2500 million) in the department of
Cajamarca, Haquira (US$ 1860 million) in Apurímac, Los Calatos (US$
655 million) in Moquegua and Romina (US$ 150 million) in Lima.
Finally, there are projects categorized as not applicable for the type of
exploitation because they do not meet the definitions mentioned above.
Seven projects belong to this group with a group investment of US$
3387 million, accounting for 6.3% of the total investment in the portfolio.
These include the Ilo Expansion (US$ 1.3 billion) and Cuajone Expansion
(US$ 850 million), both located in Moquegua, as well as the Bayovar
Expansion (US$ 450 million) in Piura. Additionally, the Santa Maria
Expansion (US$ 121 million) in La Libertad and Shouxin Expansion (US$
140 million) in Ica started construction in 2019 and 2021, respectively.

Graph 09: Investment by type of exploitation
KWEW/dE
KWEW/d hEZ'ZKhE KÊKdWW>z
hEZ'ZKhE
ϰ ϳ
Ϯϰ ϭϮ
h^ΨϯϵϰϬϬ h^Ψϱϳϲϯ h^Ψϱϭϲϱ h^Ψϯϯϴϳ
ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ
dŽƌŽŵŽĐŚŽǆƉĂŶƐŝŽŶ >Ă'ƌĂŶũĂ ƌŝĂŶĂ ,ĂƋƵŝƌĂ ĂǇŽǀĂƌǆƉĂŶƐŝŽŶ
ŶƟůůĂ >ŽƐŚĂŶĐĂƐ ǇĂǁŝůĐĂ ZŽŵŝŶĂ ƵĂũŽŶĞǆƉĂŶƐŝŽŶ
ĂŹĂƌŝĂĐŽ DĂŐŝƐƚƌĂů ĂŹŽŶ&ůŽƌŝĚĂ zĂŶĂĐŽĐŚĂ^ƵůĮĚĞƐ /ůŽǆƉĂŶƐŝŽŶ
ŚĂůĐŽďĂŵďĂ^ƚĂŐĞ/ DŝĐŚŝƋƵŝůůĂǇ ,ŝůĂƌŝŽŶ >ŽƐĂůĂƚŽƐ WĂĐŚĂƉĂƋƵŝǆƉĂŶƐŝŽŶ
ŽŶŐĂ WƵŬĂƋĂƋĂ KůůĂĐŚĞĂ ^ĂŶƚĂDĂƌŝĂǆƉĂŶƐŝŽŶ
ŽƌĂŶŝ YƵĞĐŚƵĂ WĂŵƉĂĚĞWŽŶŐŽ ^ŚŽƵǆŝŶǆƉĂŶƐŝŽŶ
ŽƚĂďĂŵďĂƐ ŶƚĂŵŝŶĂ /ŶŵĂĐƵůĂĚĂZĞƉůĞŶŝƐŚŵĞŶƚ ZŝŽ^ĞĐŽŽƉƉĞƌWůĂŶƚ
ŽŶ:ĂǀŝĞƌ ZĞƉůĞŶŝƐŚŵĞŶƚ ZĂƵƌĂZĞƉůĞŶŝƐŚŵĞŶƚ
ů'ĂůĞŶŽ dĂŶƚĂŚƵĂƚĂǇ ^ĂŶ'ĂďƌŝĞů
,ŝĞƌƌŽƉƵƌŝŵĂĐ ZĞƉůĞŶŝƐŚŵĞŶƚ ^ĂŶ>ƵŝƐ
/ŶƚĞŐƌĂĐŝŽŶŽƌŽĐĐŽŚƵĂǇĐŽ ZŝŽůĂŶĐŽ ^ŚĂůŝƉĂǇĐŽ
>ĂƌĞŶĂ// dŝĂDĂƌŝĂ zƵŵƉĂŐ
dƌĂƉŝĐŚĞ
ĂĨƌĂŶĂů
4.8. INVESTMENTS ACCORDING TO

THE MINERAL TO BE EXTRACTED
Peru has a long mining tradition due to its geological potential, it has
a great variety of minerals, allowing greater opportunities for economic
growth by encouraging a series of indicators. Likewise, in 2021, Peru
ranked first with the largest silver reserves; and third in copper,
molybdenum and lead worldwide. On the other hand, at the Latin
American level, it ranked first in silver, lead and molybdenum reser-
ves, and second in copper, gold and zinc reserves.
Therefore, the current portfolio is composed of projects that estimate
the future extraction of six main mineral products. Copper projects
predominate in the 2023 portfolio with 27 projects, which together
total an investment of US$ 38 521 million and account for 71.7% of
the total budget. Of these projects, the Toromocho Expansion (US$
1355 million) stands out because it is under construction and, once
Phase II of the project begins, it will contribute 75 000 additional fine
metric tons (FMT) of the red metal.

As for gold projects, the portfolio contains 6 gold projects with a total
investment of US$ 6993 million, which represents 13.0% of the global
investment. The projects that stand out are: San Gabriel (US$ 470 million)
with an expected production of 180,000 fine ounces, and Santa Maria
Expansion (US$ 121 million), with an additional 36 000 fine ounces of
gold. It should be noted that both projects are in the construction stage.
There are 3 ferrous projects in the portfolio, reflecting a combined
investment of US$ 5384 million, which represents 10.0% of the overall
budget in the portfolio. This group is composed of the Hierro Apurimac
project (US$ 2900 million) with an estimated production of 20 million
MTF per year, Pampa de Pongo (US$ 2344 million) with an estimated
production of 23.4 million MTF, and Shouxin Expansion (US$ 140 million)
with a projected production of 400 000 additional MTF of iron per year,
the latter is in the construction stage.
Graph 10: Investment in mining projects by main mineral to be extracted
KWWZ 'K> /ZKE /E ^/>sZ W,K^W,d^
WKZd&K>/KK&D/E/E'/Es^dDEdWZK:d^
ϳϮй ϭϯй ϭϬй ϯй ϭй ϭй
h^ΨϯϴϱϮϭ h^Ψϲϵϵϯ h^Ψϱϯϴϰ h^Ψϭϰϵϳ h^Ψϴϳϭ h^ΨϰϱϬ

ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ ŵŝůůŝŽŶ
ĂǇŽǀĂƌ
ǆƉĂŶƐŝŽŶ
ŽƌĂŶŝ͕^ĂŶ>ƵŝƐĂŶĚzƵŵƉĂŐ
WĂĐŚĂƉĂƋƵŝǆƉĂŶƐŝŽŶ͕ǇĂǁŝůĐĂ͕ĂŹŽŶ&ůŽƌŝĚĂ͕,ŝůĂƌŝŽŶ͕
ZĂƵƌĂZĞƉůĞŶŝƐŚŵĞŶƚ͕ZŽŵŝŶĂĂŶĚ^ŚĂůŝƉĂǇĐŽ͘
^ŚŽƵǆŝŶǆƉĂŶƐŝŽŶ͕,ŝĞƌƌŽƉƵƌŝŵĂĐĂŶĚWĂŵƉĂĚĞWŽŶŐŽ͘
^ĂŶƚĂDĂƌŝĂǆƉĂŶƐŝŽŶ͕ŽŶŐĂ͕KůůĂĐŚĞĂ͕/ŶŵĂĐƵůĂĚĂZĞƉůĞŶŝƐŚŵĞŶƚ͕dĂŶƚĂŚƵĂƚĂǇZĞƉůĞŶŝƐŚŵĞŶƚĂŶĚ^ĂŶ'ĂďƌŝĞů͘
ƵĂũŽŶĞǆƉĂŶƐŝŽŶ͕/ůŽǆƉĂŶƐŝŽŶ͕dŽƌŽŵŽĐŚŽǆƉĂŶƐŝŽŶ͕ŶƟůůĂ͕ƌŝĂŶĂ͕ĂŹĂƌŝĂĐŽ͕ŚĂůĐŽďĂŵďĂ^ƚĂŐĞ/͕ŽƚĂďĂŵďĂƐ͕ŽŶ:ĂǀŝĞƌ͕
ů'ĂůĞŶŽ͕,ĂƋƵŝƌĂ͕/ŶƚĞŐƌĂĐŝŽŶŽƌŽĐĐŽŚƵĂǇĐŽ͕>ĂƌĞŶĂ//͕>Ă'ƌĂŶũĂ͕>ŽƐĂůĂƚŽƐ͕>ŽƐŚĂŶĐĂƐ͕DĂŐŝƐƚƌĂů͕DŝĐŚŝƋƵŝůůĂǇ͕
ŶƚĂŵŝŶĂZĞƉůĞŶŝƐŚŵĞŶƚ͕ZŝŽ^ĞĐŽŽƉƉĞƌWůĂŶƚ͕WƵŬĂƋĂƋĂ͕YƵĞĐŚƵĂ͕ZŝŽůĂŶĐŽ͕dŝĂDĂƌŝĂ͕dƌĂƉŝĐŚĞ͕zĂŶĂĐŽĐŚĂ^ƵůĮĚĞƐĂŶĚĂĨƌĂŶĂů͘

Zinc and silver projects represent 4.4% of total investment with 10

projects in the portfolio, the most representative being: Hilarion (US$
585 million) with a projected production of 115 000 MTF of zinc per
year and Corani (US$ 700 million) with 8 million ounces of silver per
year, respectively. Finally, the phosphate project, Bayovar Expansion
(US$ 450 million) represents 0.8% of the overall budget with an
estimated annual production of 1.9 million MT of phosphate
concentrates.

V. ANNUALIZED
INVESTMENT PROJECTION
This section presents the projections for the execution of the total
investment of the Project Portfolio (US$ 53 715 million) over the next
12 years. For a more detailed analysis, the section has been divided
into three investment periods:
a) Investments executed until 2021: US$ 753 million (1.4% of the

overall investment amount).
b) Investments to be executed between 2022 and 2026: US$ 6304
million (11.7% of the global amount of investments).
c) Investments to be executed after 2026: US$ 46 657 million (86.9%
of total investments).
Graph 11: Projected Investments
h^Ψϰϲϲϱϳ
ŵŝůůŝŽŶ
h^ΨϲϯϬϰ
ŵŝůůŝŽŶ
h^Ψϳϱϯ
ŵŝůůŝŽŶ
hŶƟůϮϬϮϭ ϮϬϮϮͲϮϬϮϲ ŌĞƌϮϬϮϲ
5.1. INVESTMENTS EXECUTED UP TO 2021

At the end of 2021, the amount of investments executed increased to
US$ 753 million, representing 1.4% of the global amount of investments.
This figure corresponds to the execution progress of the projects in the
construction stage: Santa Maria Expansion, Shouxin Expansion and
Toromocho Expansion. Regarding the latter, its progress in executed
investment stands out.

Table 04: Investments Executed until 2020
PROJECT CAPEX INVESTMENT INVESTMENT EXECUTED BY 2020 FINANCIAL ADVANCE

(US$ MILLION) (US$ MILLION) %
SANTA MARIA EXPANSION 121 21 17.5%
TOROMOCHO EXPANSION 1355 683 50.4%
SHOUXIN EXPANSION 140 49 35.2%
TOTAL 1616 753 46.6%
5.2. INVESTMENT PROJECTION 2023-2026

The investment projection to be executed for the period 2022 - 2026 in
the construction of projects amounts to US$ 6304 million, representing
11.7% of the global amount of investments estimated in this portfolio.
At the end of 2022, it is estimated that US$ 147 million will be invested,
which represents 2.3% of the total investments to be made in the 2022
- 2026 period. It is worth mentioning that this amount does not include
the investment executed in Quellaveco, since the project started up at
the end of the third quarter of this year, so it is not included in the
current portfolio. However, the amount includes the estimated
investment for the San Gabriel project, which started construction in
the first quarter of 2022, in addition to what has been executed for the
Toromocho Expansion, Santa Maria Expansion and Shouxin Expansion.
Thus, the current estimated amount shows a contraction of 90.5%
compared to the investment executed in 2021 (US$ 1555 million) due
to the fact that 6 of the 7 projects that had planned to start construction
in 2022 did not do so due to various factors such as: administrative
issues (delay in the approval terms of their different studies), financing,
social issues, among others.
Subsequently, for the year 2023, an investment execution of US$ 1005

million is expected, which will translate into a significant increase of
583.0% compared to what will be executed in 2022. This increase is
estimated based on the following events: a) the rescheduling of the
start of construction of the Corani and Magistral projects with a
combined investment of US$ 1193 million, which were previously
programmed to start construction in 2022; b) the progress of investment
execution of the projects that are currently under construction
(Toromocho Expansion, Santa Maria Expansion, Shouxin Expansion and
San Gabriel); and c) the possible start of construction of the Romina
and Antamina Replenishment projects, with a combined global
investment of US$ 1754 million. On the other hand, it is worth
mentioning that during this period the start-up of the following projects

ANNUALIZED INVESTMENT PROJECTION
will be carried out: Santa Maria Expansion, whose construction started

in 2019 and which will contribute with 36 000 additional fine ounces of
gold during a useful life of 22 years; and the Shouxin Expansion project,
which started construction in 2021 and will contribute with the
production of iron, copper and zinc.
Similarly, for the year 2024, an investment of US$ 1928 million is

projected, showing a growth of 91.8% with respect to the 2023
projection. This increase is mainly due to the start of construction of
the Yanacocha Sulfides (US$ 2500 million) and Zafranal (US$ 1473
million) projects, in addition to the increased execution of the projects
that will start this stage previously in 2023. On the other hand, the
Toromocho Expansion project is expected to start up this year.
Meanwhile, an investment of US$ 1813 million is projected for 2025,

representing a reduction of 6.0% compared to the estimate for 2024. It
is important to note that for this year the San Gabriel project, which
started construction in the first quarter of 2022, and the Romina project,
which is expected to start construction in 2023, are expected to start
commercial operations.
Lastly, for the year 2026 an investment of US$ 1411 million is projected,
showing a reduction of 22.2% compared to the estimate for 2025.
However, during this period the Corani and Magistral projects are
expected to come on stream, the latter contributing an estimated annual
production of 55,000 fine metric tons of copper over an 11-year life.
Graph 12: Annualized investment projection 2022-2026
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5.3. PROJECTION OF
INVESTMENTS AFTER 2026
Regarding investments after 2026, the estimated projection amounts
to US$ 46 657 million, which represents 86.9% of the global amount of
investments.
During this period, 37 projects are expected to start construction, with

an overall investment amount of US$ 44 709 million. It is worth
mentioning that in this group, the La Granja project with US$ 5000
million and the Conga project with US$ 4800 million stand out for their
investment amount.

VI. MACROECONOMIC
IMPACT
In the new edition of the Mining Investment Project Portfolio 2023, 4
projects are in the construction stage. Of which, 1 is a copper project
(Toromocho Expansion), 2 are gold projects (Santa Maria and San Gabriel
Expansion) and 1 is a ferrous project (Shouxin Expansion).
As regards the Ariana project, it is still awaiting the resolution of its

judicial process. It is also worth mentioning that, unlike the previous
edition, Quellaveco is currently in the operation phase, so it was not
considered in the current portfolio.
Graph 13: World copper production and primary demand
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As for 2023, 4 projects are expected to start construction: a) Corani and

Magistral, which were initially scheduled to start construction in 2022
and due to financial and procedural factors, respectively, were
rescheduled for 2023; and b) Romina and Antamina Replenishment are
new projects in the Portfolio and are scheduled to start construction in
2023.
In this context, by 2026, there would be a total of 8 mining projects in

operation, which are detailed in the following map:

The economic impact on the country due to the implementation of the

aforementioned projects will be shown below:
Graph 13: Mining projects under construction and possible start-up in 2023
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MACROECONOMIC IMPACT
6.1. ESTIMATED
MINING PRODUCTION
The start-up of the 8 projects in the portfolio, among which copper and
gold are the main products, added to the expected copper production of
Quellaveco, will generate an increase in national production, favoring Peru's
position in the world ranking, as well as the improvement of the national
Gross Domestic Product (GDP).
By 2023, the positive evolution of mining in Peru would be led by the increase
in copper production, especially because it will be the first full year of
commercial operation of Quellaveco, which will produce 300 000 fine metric
tons (FMT) of copper per year.
In this sense, based on 2021 copper and gold production, the start of
operations of the 8 projects would increase domestic copper production by
13.0% and domestic gold production by 6.3%.
Chart 05: Production Variation 2021-2026
PRODUCTION
2019 2021 2026 VAR%
Cu (million of FMT) 2.5 2.5 2.8 13.0%
Au (million of fine g) 128.4 97.5 103.6 6.3%

6.2. ESTIMATED MINING EMPLOYMENT

Regarding the 4 projects that are currently under construction (Santa
Maria Expansion, Toromocho Expansion, Shouxin Expansion and San
Gabriel) and those that are about to start this stage in 2023 (4 projects),
these 8 projects would be generating approximately a total of 10 889
new direct jobs during their construction stage.
It is worth mentioning that the employment generated by the current

"Quellaveco" Mining Unit was not considered for this analysis, since it
started operations in the third quarter of 2022, therefore, it is no longer
part of this edition.

FICHAS TÉCNICAS DE PROYECTOS
VII. PROJECT TECHNICAL

DATA SHEETS
Page Project
42 Bayovar Expansion
43 Cuajone Expansion
44 Ilo Expansion
45 Pachapaqui Expansion
46 Santa Maria Expansion
47 Shouxin Expansion
48 Toromocho Expansion
49 Antilla
50 Ariana
51 Ayawilca
52 Cañariaco
53 Cañon Florida
54 Chalcobamba Phase I
55 Conga
56 Corani
57 Cotabambas
58 Don Javier
59 Galeno
60 Haquira
61 Hierro Apurimac
62 Hilarion
63 Integration Coroccohuayco
64 La Arena II
65 La Granja
66 Los Calatos
67 Los Chancas
68 Magistral
69 Michiquillay
70 Ollachea
71 Pampa de Pongo
72 Rio Seco Copper Plant
73 Pukaqaqa
74 Quechua
75 Antamina Replenishment
76 Inmaculada Replenishment
77 Raura Replenishment
78 Tantahuatay Replenishment
79 Rio Blanco
80 Romina
81 San Gabriel
82 San Luis
83 Shalipayco
84 Tia Maria
85 Trapiche
86 Yanacocha Sulfides
87 Yumpag
88 Zafranal

Bayovar Expansion
75%: The Mosaic Company (USA);
Operator Compañia Minera Miski Mayo S.R.L. Investor1
25%: Mitsui & Co. (Japan)
Region Piura
Province Sechura
District Sechura
Project is located in the north of Peru, 1000 km from Lima city, 110 km south from Piura and 30 km from
the Pacific Ocean
Capex investment2 US$ 450 million
Type of mineral deposit

Not applicable
and/or mineralization
MAIN PROJECT DATA
Start of construction To be defined Type of project Brownfield
Start of operations To be defined Subtype of project Expansion
Jobs in construction To be defined Type of exploitation Not applicable
Jobs in operations To be defined Ore Resources/Reserves Not applicable
Water source2 Surface and sea water Life of mine2 22 years
1.9 million metric tons of phosphate concentrate

Plant capacity2 81 079 tons per day Estimated annual production3
(additional)
CURRENT PROJECT STATUS: FEASIBILITY
Bayovar is one of the largest phosphate deposits in the world, the project area contains phosphate rocks, diatomites, brines, and other minerals. The Bayovar mine is currently in
operation, which began in 2010. The project consists of the expansion of the Bayovar I and Bayovar II Concentrator Plant from 54,089 to 81,079 tpd through the implementation
of a new line 3 and other components, as well as areas within the mining unit.
Environmental Management Tool (EMT): MEIA-d APPROVED
The approval of the First Modification of the Detailed Environmental Impact Assessment (1st MEIA-d) of the Bayovar Phosphates project is registered by R.D. No. 070-2013-
MEM/AAM dated March 7, 2013.
Authorization of exploitation activities (including mining plan and dumps) Description
Without registration.
Beneficiation Concession and/or Authorizations Description
Resolution No. 384-2013-MEM-DGM/V approved the modification project and authorized the construction of 31 additional facilities at the Bayovar I Plant, 12 additional facilities
at the Bayovar II Plant, as well as storage and protection structures to increase the capacity of the "Bayovar I and Bayovar II" beneficiation concession to 81,079 metric tons per
day.
1 Compañia Minera Miski Mayo: Shareholders - http://www.miskimayo.com/Who_We_Are/accionistas.htm. Consultation date: December 18, 2022.
2 Compañia Minera Miski Mayo: Request for modification of "Bayovar I and Bayovar II" Beneficiation Concession. Approved in September 2013.
3 Compañia Minera Miski Mayo: Third Technical Supporting Report of the Second Modification of the Detailed Environmental Impact Study of the Bayovar Phosphate Mine. Approved in November 2021.
Cuajone Expansion
Southern Peru Copper Corporation, Peru Branch
Operator Investor4 100%: Grupo Mexico S.A.B. de C.V. (Mexico)
Office
Region Moquegua
Province Mariscal Nieto
District Torata
The project is located at an altitude of 4100 to 5150 m.a.s.l.

Not applicable
MAIN PROJECT DATA
Water source Not available Life of mine Not available
Plant capacity6 120 000 tons per day Estimated annual production Not available
CURRENT PROJECT STATUS: CONCEPTUAL
The owner plans to expand the capacity of the Cuajone mining unit's concentrator plant to 120 thousand tons per day. The company will present the expansion project to the
board of directors of the head office in 2023.
Environmental Management Tool (EMT): To be defined NOT SUBMITTED
4 Standard and Poor's (S&P Global): Southern Peru Copper Corporation, Peru Branch Office - Ownership Information [Market Intelligence from the Official Website]. Consultation date: December 13, 2022.
5 El Comercio: “Thinking about an expansion of Cuajone in this situation does not make much sense.” [Web publication]. April 2022.
6 El Comercio: "Southern awaits green light for Cuajone expansion". [Web publication]. January 2022.
Ilo Expansion
Office
Region Moquegua
Province Ilo
District Ilo and Pacocha
The project is located at an altitude of approximately 35 m.a.s.l.

Not applicable
MAIN PROJECT DATA
Start of operations 9 2026 Subtype of project Expansion
Water source Not available Life of mine10 24 years
Plant capacity To be defined Estimated annual production Not available

The project would have the following objectives: (a) optimization of the discharges from the Smelter and Refinery, through the implementation of two submarine outfalls (one at
the Smelter and the other at the Refinery); (b) implementation of additional areas for the deposit of slag at the Smelter; (c) conditioning of areas for the transfer of materials and
supplies for transportation in case of contingencies; (d) technological-environmental improvement and increase in capacity at the Smelter and Refinery; and (e) optimization of
energy efficiency at the Smelter.
Environmental Management Tool (EMT): MEIA-d NOT SUBMITTED
On August 20, 2022, the owner submitted to SENACE, the request for approval of the Citizen Participation Plan corresponding to the "Modification of the Detailed Environmental
Impact Study of the Ilo mining unit".
7 Standard and Poor's (S&P Global): Southern Peru Copper Corporation, Peru Branch Office - Ownership Information [Market Intelligence from the Official Website]. Consultation date: December 13.
8 Gestion: "Southern Peru moves forward with studies for new smelter in Ilo" [Web publication]. May 2022. / Grupo Mexico: "3Q22 RESULTS" [Corporate web presentation]. October 2022.
9 Grupo Mexico: "3Q22 RESULTS" [Corporate web presentation]. October 2022.
10 Southern Peru Copper Corporation, Peru Branch Office: Citizen Participation Plan of the MEIA Ilo. August 2022.
Pachapaqui Expansion
Operator ICM Pachapaqui S.A.C. Investor11 100%: Korea Zinc Company (South Korea)
Region12 Ancash
Province12 Bolognesi
District12 Aquia
The project is located at an altitude between 3800 m.a.s.l. to 4800 m.a.s.l.

Veins, mantles and irregular bodies in polymetallic skarns.
and/or mineralization12
MAIN PROJECT DATA
Jobs in construction12 304 Type of exploitation Not applicable
9.1 Mt @ 3.40% Zn, 1.42% Pb, 55.58 g/t Ag, 0.44% Cu -

Jobs in operations12 481 Ore reserves12
(P&P)
Water source12 Surface water Life of mine12 11 years
Plant capacity12 Expansion from 800 to 3300 tons per day Estimated annual production Not available

The project includes the exploitation and beneficiation of zinc, lead, silver and copper. These metals will be extracted from the deposits located in the mining concessions owned
by ICM Pachapaqui, through the expansion of the underground mining workings in the Pachapaqui mining unit (mechanized cut and fill and shrinkage in narrow veins) plus the
expansion of the treatment capacity up to 3300 tons per day. The company is currently working to raise awareness in the Aquia community in order to renew the Marco Agreement.
Furthermore, as part of its commitment to social responsibility, ICM Pachapaqui S.A.C., has considered necessary to carry out the project "Afianzamiento Hidrico de la Quebrada
Desagüe para la Incorporacion de Areas Agricolas en la Comunidad Campesina de Aquia" (Hydraulic consolidation of the Drainage Creek for the Incorporation of Agricultural
Areas in the Rural Community of Aquia), which was approved on July 30, 2020, through Resolution No. 037-2020-SENACE-PE/DEIN.
The project has a Modification to its Detailed Environmental Impact Assessment (MEIA-d) for exploitation activities, approved by Resolution No. 023-2017-SENACE-JEF-DEAR on
December 1, 2017.
11Standard and Poor’s (S&P Global): Pachapaqui – Ownership Information [Market Intelligence from the official Web site]. Consultation date October 21, 2022.
12ICM Pachapaqui: Modification of the Detailed Environmental Impact Assessment (EIA-d), of the Expansion Project to 3300 tons per day UM Pachapaqui. Approved by Resolution No. 023-2017-SENACE-JEF/DEAR,
on December 01, 2017.
Santa Maria Expansion
18.50%: Talingo Corporation (United Kingdom);
Operator Compañia Minera Poderosa S.A.
16.05%: Arias Vargas Victoria Isabel (Peru);
15.22%: Arias Vargas de Sologuren (Peru);
13.96%: Cori Apu SAC (Peru);
Investor13
10.46%: South America Mining Investment (United Kingdom);
9.63%: Xelor Shipping Limited (United Kingdom);
9.63%: Zulema Invest Limited (United Kingdom);
6.55%: Common stock
Region La Libertad
Province Pataz
District Pataz
The project is located in the Hualanga‐Francés ravine basin between 1200 and 4350 m.a.s.l.

Not applicable
MAIN PROJECT DATA
Start of construction 2019 Type of project Brownfield
Start of operations 2023 Subtype of project Expansion
Jobs in operations15 1173 Ore Resources/Reserves Not applicable
Water source15 Surface water and underground water Life of mine15 22 years
Plant capacity15 Expansion from 600 to 1000 tons per day Estimated annual production 36,000 fine ounces of gold (additional)
CURRENT PROJECT STATUS: CONSTRUCTION

In 2019, the first stage of the expansion of the Santa Maria Beneficiation Plant was completed, which included the installation of two mills, a thickener and two agitators. As a
result, the treatment of 800 tons per day was achieved since May 2019. In 2021, progress continued on the expansion of the Santa Maria I beneficiation plant to 1000 tons per
day, and the installation of thickeners No. 13 and 14 was completed. In the first months of 2022, load tests were carried out and by November 2022, there is a financial progress
of 25.7%.
The project has the Modification of its Detailed Environmental Impact Assessment (MEIA-d) for exploitation activities, approved by Resolution No. 011-2017-SENACE-JEF/DEAR
on November 24, 2017. Furthermore, on November 19, 2020, Resolution No. 0141-2020-SENACE-PE/DEAR approved the specific terms of reference for the Second Modification
of the Integrated Environmental Impact Assessment of the Santa Maria Production Unit. In addition, by means of Resolution No. 012-2022-SENACE-PE/DEAR, the Second Technical
Supporting Report of the Modification to its Detailed Environmental Impact Assessment (2nd ITS of the MEIA-d) of the project was approved on January 18, 2022.
The authorization to expand the capacity of the "Santa Maria I" mill from 600 TM/day to 1000 TM/day and to operate 26 additional pieces of Stage 1 equipment was authorized
by Resolution No. 0591-2019-MINEM-DGM/V on December 5, 2019.
13 Compañia Minera Poderosa S.A.: "Sustainability Report 2021" (Sustainability Report 2021).
14 Compañia Minera Poderosa S.A.: “Santa Maria Project” [Corporate Presentation]. October 08, 2021.
15 Compañia Minera Poderosa S.A.: Modification of the Environmental Impact Assessment (EIA) for the expansion of the Santa Maria I operation and processing plant from 600 to 1000 tons per day (tpd). Approved
on November 24, 2017.

Shouxin Expansion
51%: Baiyin Nonferrouse Group Co Ltd. (China);
Operator Minera Shouxin Peru S.A. Investor16
49%: Shougang Hierro Peru S.A.A. (China)
Region Ica
Province Nazca
District Marcona
Project is located at approximately 100 m.a.s.l.

Not applicable
MAIN PROJECT DATA
400,000 FMT of Fe (additional)

Estimated annual
Plant capacity19 Expansion from 24 242 to 48 484 tons per day 18,000 FMT of Cu (additional)
production20
10,000 FMT of Zn (additional)

The project aims to increase the MSP processing capacity from 8 million tons per year (Mt/year) to 16 Mt/year. To achieve this, two production lines will be designed identical to
those of the Parent Project and/or initial MSP with a maximum production capacity of 8 Mt/year. Iron tailings with usable copper and iron contents will be processed, and will
enter the operations plant to obtain copper and iron concentrates. During the first quarter of 2021, the project started the construction stage. By November 2022, it has a financial
progress of 78.3%. The project consists of the expansion of the beneficiation plant by 100% to process iron tailings with usable copper content, which will enter the operations
plant to obtain concentrates.
The project has a Modification to its Detailed Environmental Impact Assessment (MEIA-d) for exploitation activities, approved by Resolution No. 010-2020-SENACE-PE/DEAR on
January 16, 2020.
On October 23, 2020, Resolution No. 292-2020-MEM/DGM/V approved the first stage of the project to modify the "Planta Concentradora Polimetalica MSP" (Polymetallic
Concentrator Plant MSP) beneficiation concession to increase its installed capacity to 48,484.84 tons per day, without increasing the area, and authorized the construction of civil
works and installation of equipment for this first stage of the project. On July 26, 2022, Resolution No. 291-2022-MINEM-DGM/V approved the second stage of the project,
including the installation of the final tailings transport system from the processing plant to DR Choclon 2 and the expansion of the area for the respective beneficiation concession;
and authorized the construction of civil works and installation of equipment corresponding to the second stage. On November 7, 2022, Minera Shouxin Peru S.A. announced the
completion of the construction of the project and requested the operating license, which is currently under evaluation.
16 Wood Mackenzie: “Shouxin Tailing copper mine project” [Asset report]. February 2021.
17 Minera Shouxin Peru S.A.: Modification of the Detailed Environmental Impact Assessment [Executive Summary]. November 2019.
18 Minera Shouxin Peru S.A.: Mining Plan Schedule. Consultation date: October 18, 2021.
19 Minera Shouxin Peru S.A.: Application for Modification of Concession and Beneficiary Authorization. January 2020.
20 Official Website of the Ministry of Energy and Mines [Intranet] - Monthly Statistical Statement (ESTAMIN): " Estimation according to the current production reported by Minera Shouxin Peru S.A. in its Monthly
Statistical Statement and the Modification of the Detailed Environmental Impact Assessment (MEIA-d) approved on January 16, 2020".
Toromocho Expansion
100%: Aluminum Corporation of China Overseas Holdings
Operator Minera Chinalco Peru S.A. Investor21
Limited (China)
Region Junin
Province Yauli
District Morococha
Project is located at approximately 4500 to 5000 m.a.s.l.

Not applicable
MAIN PROJECT DATA
Stage I: 3200
Jobs in construction24 Type of exploitation24 Open pit
Stage II: 1500
Stage I: 259
Jobs in operations24 Ore Resources/Reserves Not applicable
Stage II: 41
Stage I: Expansion from 117 200 to 140 640

tons per day
Plant capacity24 Estimated annual production 75 000 FMT of copper (additional)
Stage II: Expansion from 140 640 tons per day
to 170 000 tons per day

On June 1, 2018, the company began construction of Stage I of the project (117,200 to 140,640 tons per day), which was completed in the fourth quarter of 2020. The company is
currently working on the licenses to start Stage II of the project (140,640 to 170,000 tpd), with the approval of its Modification of Detailed Environmental Impact Assessment (MEIA-
d) by SENACE in June 2021. By November 2022, the project had reached 52.4% financial progress. The owner has been negotiating the modification of the Beneficiation Concession
at the General Directorate of Mining related to Stage II of the project.
Environmental Management Tool (EMT): EIA-d APPROVED
The project has a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities, approved by Resolution No. 411-2010-MEM/AAM on December 14, 2010.
Furthermore, considering the development of the project by stages, on December 29, 2015 the Second Technical Supporting Report of the Detailed Environmental Impact
Assessment (2nd ITS of the EIA-d) was approved by Resolution No. 504-2015-MEM-DGAAM, which includes Stage I of the project. Regarding the development of Stage II, on June
3, 2021 the "Modification of the Detailed Environmental Impact Study (MEIA-d) for the Toromocho M.U. Expansion Project to 170,000 tons per day (tpd)" was approved. On
September 22, 2022, the owner submitted to SENACE the First ITS of the MEIA-d (1st ITS of the MEIA-d) of the Toromocho mining unit.
On January 31, 2017, the Mining Technical Report for the project "Optimization for Expansion of the Toromocho Concentrator Plant of Minera Chinalco Peru S.A., where is
considered the expansion of installed capacity from 117 200 tons per day to 140 640 tons per day" without expansion of area, due to the incorporation of new components. On
July 27, 2022, Minera Chinalco Peru S.A. submitted the application for the modification of the "Toromocho Project" beneficiation concession to increase the installed capacity to
170,000 tons per day, taking into consideration the start of operations in the year 2024.
21 Standard and Poor’s (S&P Global): Toromocho – Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 12, 2022.
22 Tv Peru (canal #7): “Head of State announces expansion of Toromocho project with investment of US$ 1355 million". [Broadcast] October 01, 2018.
23 Minera Chinalco Peru S.A.: “Modification of the Beneficiation Concession of the Toromocho Mill Expansion Project to 170,000 tpd". July 2022.
24 Minera Chinalco Peru S.A.: “Modification of the Detailed Environmental Impact Assessment for the Toromocho unit expansion project to 170,000 tpd". Approved on June 03, 2021.
Antilla
90%: Heeney Capital Acquisition Company Inc. (Canada);
Operator Panoro Apurimac S.A. Investor25
10%: Panoro Minerals Ltd. (Canada)
Region Apurimac
Province Antabamba
District Sabaino
Project is located at 3400 to 4100 m.a.s.l., approximately 150 km southwest from Cusco and 500
kilometers southeast from Lima.

Copper Porphyry (Cu) and Molybdenum (Mo)
MAIN PROJECT DATA
Start of construction To be defined Type of project Greenfield
Start of operations To be defined Subtype of project New
Jobs in construction To be defined Type of exploitation27 Open pit
Jobs in operations To be defined Ore reserves26 291.8 Mt @ 0.34% Cu, 0.01% Mo - (Indicated)
Water source Surface water Life of mine27 17 years
Year 1 to 4: 30,000 FMT of Cu cathodes

Estimated annual Year 5 to 12: 15,000 FMT of Cu cathodes
Plant capacity26 20 000 tons per day
production27 Year 13 to 16: 25,000 FMT of Cu cathodes
Year 17: 4,700 FMT of Cu cathode
CURRENT PROJECT STATUS: PRE-FEASIBILITY
The project has a Technical Report of Resources Estimation on December 16, 2013. Additionally, the project has a Preliminary Economic Assessment (PEA) optimized as of
June 11, 2018. On December 6, 2021, Panoro Minerals Ltd. announced the closing of the sale of the project to Heeney Capital Acquisition Company Inc. (HCAC), a mineral
exploration and development company. Upon closing of the transaction, Panoro received the first scheduled prepayment of $10 million CA.
Environmental Management Tool (EMT): EIA-d NOT SUBMITTED
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities.
25 Standard and Poor’s (S&P Global): Antilla – Ownership Information [Market Intelligence from the official Web site]. Consultation date October 12, 2022.
26 Panoro Minerals LTD.: "Corporate Presentation - September 2021".
27 Panoro Minerals LTD.: “Technical report on the PEA for the Antilla Copper Project heap leach and sx/ew operation” [Technical report]. June 11, 2018.
Ariana
Operator Ariana Operaciones Mineras S.A.C. Investor28 100%: Southern Peaks Mining LP. (United Kingdom)
Region Junin
Province Yauli
District Marcapomacocha
Project in at the west side of La Viuda Western Mountain Range in the central Andes
of Peru, at 4700 m.a.s.l.
Type of mineral deposit Intermediate to low sulphuration distal Copper

and/or mineralization29 (Cu) and Zinc (Zn) Skarn
MAIN PROJECT DATA
Jobs in construction30 1200 Type of exploitation29 Underground
Jobs in operations30 800 Ore reserves31 6.2 Mt @ 1.14% Cu, 18.04 g/t Ag, 0.84 g/t Au, 1.79% Zn
Water source30 Underground water Life of mine29 10 years
26 000 FMT of copper

Plant capacity32 2000 tons per day Estimated annual production
22 000 FMT of zinc
The project began its construction stage in 2018. However, on April 25, 2019, a citizen's group filed an action of protection before the Sixth Constitutional Court of the Superior
Court of Justice of Lima, demanding the definitive halt of the project due to the alleged threat of contamination of water sources. On August 27, 2020, representatives of Ariana
Mining attended the second hearing of the appeal process, where the suspension of the mining project was evaluated. To date, no decision has been issued.
The project has a Detailed Environmental Impact Assessment (EIA-d) approved by Resolution No. 127-2016-MEM/DGAAM on April 29, 2016. Furthermore, on March 4, 2020, Ariana
Operaciones Mineras S.A.C. obtained the approval of the Second Technical Supporting Report (2nd ITS) of the project, through Resolution R.D. No. 0041-2020-SENACE-PE/DEAR.
It is recorded that the project has a Mining Plan approved by Resolution No. 0137-2018-MEM-DGM on May 31, 2018.
It is recorded the approval of the Beneficiation Concession project file approved for a plant capacity of 2000 MT/day and an authorization for the construction of the Metallurgical
Process Plant, among other components, by Resolution No. 0602-2018-MEM-FGM/V on July 10, 2018.
28 Southern Peaks Mining: "Ariana" [Official Web site] - https://southernpeaksmining.com/ariana/. Consultation date: December 18, 2022.
29 Ariana Operaciones Mineras S.A.C: Detailed Environmental Impact Assessment. Approved on April 29, 2016.
30 College of Engineers of Peru - Mining Engineering Tuesday Conference: "Ariana Project and its commitment to the environment" [Corporate Presentation of Ariana Operaciones Mineras S.A.C]. November 10,
2020.
31 Ariana Operaciones Mineras S.A.C.: Detailed Mining Plan. Approved May 31, 2018.
32 Ariana Operaciones Mineras S.A.C.: Second Technical Report of the Ariana mining unit. Obtained conformity through Resolution No. 0041-2020-SENACE-PE/DEAR on March 04, 2020.
Ayawilca
19.3%: Compañia de Minas Buenaventura S.A.A. (Peru);
Operator Tinka Resources S.A.C.
18.8%: Sentient Group Ltd. (United Kingdom);
Investor33
18.2%: Hejoassu Administração S.A. (Brazil);
43.7%: Other shareholders
Region Pasco
Province Daniel Alcides Carrion
District Yanahuanca and San Pedro de Pillao
The project is located at an altitude between 3920 and 4360 m.a.s.l.

Skarn - CDR, mantles and veins
MAIN PROJECT DATA
Jobs in construction To be defined Type of exploitation35 Underground
Jobs in operations To be defined Ore reserves36 19.0 Mt @ 7.2% Zn, 0.2% Pb, 16.8 g/t Ag - (Indicated)
Water source Not available Life of mine35 14.4 years
Estimated annual
Plant capacity33 8500 tons per day 155 000 FMT of zinc
production33
As part of the exploration work, on November 21, 2022, Tinka Resources reported the results of its 2022 drilling program to expand the measured and indicated zinc mineral
resource by press release.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has the Modification of the Semi-Detailed
Environmental Impact Study (1st MEIA-sd) submitted on July 27, 2021, which is currently under evaluation.
33 Tinka Resources Limited: "Advancing Ayawilca towards development” [Corporate Presentation]. August 2022.
34 Tinka Resources Limited: "Ayawilca Polymetallic Project Central Peru NI 43‐101 Technical Report on Updated Preliminary Economic Assessment". November 2021.
35 Tinka Resources Limited: "Tinka Reports updated PEA for Ayawilca project: Highlights potential to become top - 10 global zinc producer” [Technical Report]. October 14, 2021.
36 Tinka Resources Limited: "Tinka drills 6 meters grading 19% zinc at Ayawilca, expands tin zone” [Press Release]. October 11, 2022.
Cañariaco
Operator Cañariaco Copper Peru S.A. Investor37 100%: Candente Copper Corp. (Canada)
Region Lambayeque
Province Ferreñafe
District Cañaris
The project is located approximately 700 km northwest of Lima.

Porphyry copper (Cu) and gold (Au)
MAIN PROJECT DATA
1094.2 Mt @ 0.39% Cu, 0.06(g/t) Au y 1.7(g/t) Ag -

Jobs in operations To be defined Ore reserves38
(M&I)
(1 - 6 years): 54 539 FMT of copper, 24 375 ounces of

Estimated annual gold and 548 677 ounces of silver
production39 (22+ years): 87 475 FMT of copper, 34 243 ounces of
gold and 766 753 ounces of silver
Cañariaco is a potential copper project that includes the Cañariaco north deposit, the Cañariaco South deposit and the Quebrada Verde prospect. On February 08, 2022, the "NI
43-101 Technical Report on Preliminary Economic Assessment" was presented which optimizes different aspects of the project. The company is currently arranging working capital
financing in order to continue advancing the Cañariaco project, including community relations and exploration authorization, which are targets for 2023.
37 Standard and Poor's (S&P Global): Cañariaco - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
38 Candente Copper Corp.: “NI 43-101 Technical Report on Preliminary Economic Assessment”. Published on February 8, 2022.
39 Candente Copper Corp.: “Cañariaco Copper with ESG and Valor C”. [Corporate Presentation]. September 2022.
Cañon Florida
70%: Hejoassu Administração S.A. (Brazil);
Operator Nexa Resources Peru S.A.A. Investor40
30%: Solitario Zinc Corp. (U.S.A.)
Region Amazonas
Province Bongara
District Florida and Yambrasbamba

Mississippi Valley Type (MVT)
MAIN PROJECT DATA
Jobs in operations To be defined Ore reserves42 2.4 Mt @ 10.6% Zn, 1.3% Pb, 15.0 g/t Ag - (M&I)
Water source41 Surface water and underground water Life of mine44 12.5 years
60 000 FMT of zinc

Estimated annual
Plant capacity44 2500 tons per day 6000 FMT of lead
production41
200 000 ounces of silver
During 2022, the company mentions that work continued on the opening and maintenance of accesses, compliance with maintenance requirements and the obtaining of new
environmental permits necessary to enable new exploratory drilling programs, scheduled to begin in 2023.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has the Fifth Modification of the Semi-Detailed
Environmental Impact Study (5th MEIA-sd) for exploration activities, submitted on August 31, 2022, and is currently under evaluation.
40 Standard and Poor's (S&P Global): Cañon Florida - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 20, 2022.
41 Nexa Resources S.A.: “Technical Report Preliminary Economic Assessment Florida Canyon Zinc Project”. August 02, 2017.
42 Nexa Resources Peru S.A.A.: " Annual Report 2021". Mars 29, 2022.
43 Nexa Resources S.A.: “Earnings Release - 1Q22”. Published on April 25, 2022.
44 Solitario Zinc Corp.: "NI 43-101 Technical Report for Its Florida Canyon Zinc Project Detailing a Significant Increase in Mineral Resources". April 07, 2021.
Chalcobamba Stage I
62.5%: MMG limited (China);
Operator Minera Las Bambas S.A.
Investor45 22.5%: Guoxin International Investment Co. Ltd. (China);
15.0%: Citic Metal Company Limited (China)
Region Apurimac
Province Cotabambas and Grau
District Challhuahuacho, Tambobamba and Coyllurqui, Progreso
Project is located between the basins of Vilcabamba and Santo Tomás rivers, at,
approximately 3800 to 4660 m.a.s.l.

Skarn of copper (Cu)
MAIN PROJECT DATA
Start of operations To be defined Subtype of project Replenishment
Jobs in construction48 No extra workforce required Type of exploitation49 Open pit
Jobs in operations48 No extra workforce required Ore reserves49 176.4 Mt @ 0.67% Cu, 134.96 ppm Mo, 2.50 g/t Ag
Plant capacity Not available Estimated annual production Not available
CURRENT PROJECT STATUS: DETAIL ENGINEERING
At the Las Bambas mining unit, exploitation activities are currently being carried out at the Ferrobamba ore deposit and subsequently exploitation activities will be carried out at
the Chalcobamba and Sulfobamba deposits, with the objective of maintaining production levels. The Chalcobamba pit will be developed in two stages. For this first stage, the
exploitation of the south and central sector of the Chalcobamba pit is considered.
Environmental Management Tool (EMT): 3rd MEIA-d APPROVED
The project has the Third Modification of the Detailed Environmental Impact Assessment (3rd MEIA-d) for exploitation activities, approved by Resolution No. 016-2018-SENACE-
PE-DEAR on October 5, 2018. Furthermore, on October 16, 2020, the Second Technical Supporting Report of the Third Modification of the Detailed Environmental Impact
Assessment (2nd ITS of the 3rd MEIA-d) was approved by Resolution No. 126-2020-SENACE-PE/DEAR. Subsequently, on February 18, 2022 the Third Technical Supporting Report
of the Third Modification of the Detailed Environmental Impact Study (3rd ITS of the 3rd MEIA-d) was approved by Resolution No. 00033-2022-SENACE-PE/DEAR. It is worth
mentioning that on September 16, 2022 the Fourth Technical Report of the Third Modification of the Detailed Environmental Impact Assessment (4th ITS of the 3rd MEIA-d) was
approved by Resolution No. 00135-2022-SENACE-PE/DEAR.
A modification of the authorization to start exploitation activities is registered, which includes the engineering design for the start of exploitation activities of the "Chalcobamba"
project, including the Chalcobamba Pit - Stage 1 and the Chalcobamba Deposit - Stage 1 in the Las Bambas mining unit (2019).
45 Minera Las Bambas S.A.: “2021 Annual Report”. April 26, 2022.
46 Minera Las Bambas S.A.: “Submission of the mining titleholder to the Ministry of Energy and Mines (MINEM))”. September, 2022.
47 Minera Las Bambas S.A.: "Second quarter 2022 production report". June 30, 2022.
48 Regarding the current operation of the Las Bambas mining unit.
49 Minera Las Bambas S.A.: “Authorization of Exploitation Activities of the Chalcobamba pit, Stage I” [Technical Report]. February 18, 2022.
Conga
Operator Minera Yanacocha S.R.L. Investor50 100%: Newmont Goldcorp Corp. (U.S.A.)
Region Cajamarca
Province Celendin and Cajamarca
District Sorochuco, Huasmin and La Encañada
Project is located at 3700 to 4300 m.a.s.l.

Porphyry copper (Cu) and Gold (Au)
MAIN PROJECT DATA
Jobs in construction53 8700 Type of exploitation54 Open pit
Jobs in operations53 1660 Ore reserves55 356 Mt @ 0.56% Au, @2.06 g/t Ag, @0.26% Cu - (M&I)
Estimated annual 580 000 - 680 000 ounces of fine gold

production51 155 - 235 million pounds of copper
The project includes the exploitation of the Perol and Chaihuagon porphyry deposits. The project is currently in the suspended feasibility stage.
Environmental Management Tool (EMT): 2nd MEIA-d Description
It is recorded that the project has a Second Modification to its Detailed Environmental Impact Assessment (2nd MEIA-d) for exploitation activities, approved by Resolution No.
228-2015-MEM/DGAAM on May 29, 2015.
The project has a Mining Plan approval and the Authorization to Start Mining Activities for the "Conga" mining project approved by Resolution N° 035-2012-MEM-DGM on March
9, 2012.
The approval of the Beneficiation Concession project and the authorization for the construction of the concentrator plant, the tailings deposit and other components for an
operating capacity of 92,000 MT/day was registered by Resolution No. 078-2012-MEM-FGM/V on March 1, 2012.
50 Minera Yanacocha S.R.L.: “Form 10-Q”. September 30, 2022.

51 Minera Yanacocha S.R.L.: “Newmont Board of Directors approves Conga Project in Peru” [Press Release]. Official company website. Consultation date: October 18, 2021.
52 Minera Yanacocha S.R.L.: “Authorization to Begin Exploitation Activities in Mining Concessions”. March 2011.
53 Minera Yanacocha S.R.L.: Second Modification of the Environmental Impact Assessment of the Conga project. May 29, 2015.
54 Minera Yanacocha S.R.L.: Mining Plan for the Conga project. Approved on March 09, 2012.
55 Newmont Corp.: Press Release (PR) - "Newmont Reports 2021 Mineral Reserves of 93 million Gold Ounces and 65 million Gold Equivalent Ounces". February 2022.
56 Minera Yanacocha S.R.L.: Benefit concession project application. March 2012.

Corani
Operator Bear Creek Mining S.A.C. Investor57 100%: Bear Creek Mining Corporation (Canada)
Region Puno
Province Carabaya
District Corani
The project is located at 4800 to 5200 m.a.s.l.
Type of mineral deposit Sulphuration epithermal of low to intermediate

and/or mineralization57 grade of Silver (Ag), Lead (Pb) and Zinc (Zn).
MAIN PROJECT DATA
Start of construction 2023 Type of project Greenfield
Start of operations 2026 Subtype of project New
Jobs in operations59 440 Ore reserves60 138.6 Mt @ 51.3 g/t Ag, 0.90% Pb, 0.55% Zn (P&P)
8 million de ounces of silver

Estimated annual
Plant capacity61 22 500 tons per day 47 627 FMT of lead
production62
16 783 FMT of zinc

On December 17, 2019, Bear Creek Mining Corporation published a new Technical Report for the NI 43-101 project in which some components of the project were changed in
order to increase its appeal to investors. In October 2021, the company has completed the construction of the Antapa power substation as part of the early works of the Corani
project (which started in September 2018). At this time, the company continues to work with other potential participants in the project financing. In addition, Bear Creek's Board
will make a decision on the construction of the Project after assessing all relevant factors.
The project has a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities, approved by Resolution No. 355-2013-MEM/AAM on September 20, 2013.
Furthermore, on November 2, 2017, the Second Sustaining Technical Report (2nd ITS) was approved by Resolution No. 340-2017-SENACE-DCA, including changes in the open pit
design, rearrangement of components in the process facilities, change in the engineering design of the mine waste deposit, among others.
Approval of the Mining Plan and Authorization to Start Mining Activities for the "Corani" mining project corresponding to the East Pit, Main and Mine, by means of Resolution No.
0119-2018-MEM-DGM dated May 09, 2018.
An approval of the Beneficiation Concession file named "Processing Plant of the Corani Metallurgical Mining Project" and Authorization for the construction of the Metallurgical
Processing Plant, among others, is recorded by means of R.D. No. 0570-2018-MEM-DGM/V dated June 25, 2018.
57 Bear Creek Mining Corporation: “Corani Project Report NI43-101” [Technical Report]. December 17, 2019.
58 Bear Creek Mining Corporation: Annual Letter to Shareholders. April 26, 2022.
59 Bear Creek Mining Corporation: “Corani Project Environmental Impact Assessment Executive Summary”. February 2013.
60 Bear Creek Mining Corporation: Precious Metals Summit [Corporate Presentation]. September 2022.
61 Bear Creek Mining S.A.C.: Beneficiation Concession Project File " Process Plant of Corani Metallurgical Mining Project ". December 2017.
62 Bear Creek Mining S.A.C.: Technical file for obtaining authorization to start exploration, development, preparation and exploitation activities, including mining plan and dumps, in metallic mining concessions.
Approved on May 09, 2018.

Cotabambas
Operator Panoro Apurimac S.A. Investor63 100%: Panoro Minerals Ltd. (Canada)
Region Apurimac
Province Cotabambas
District Cotabambas
The project is located 545 km southwest of the city of Lima and 50 km southwest of Cusco, at an
altitude of approximately 3000 m.a.s.l. - 4000 m.a.s.l.

Copper (Cu) and Gold (Au) Porphyry
MAIN PROJECT DATA
117.1 Mt @ 0.42% Cu, 0.23 g/t Au, 2.74g/t Ag -

Jobs in operations 454 Ore reserves64
(Indicated)
Estimated annual
Plant capacity64 80 000 tons per day 270 000 FMT of copper
production65
The project has an Ore Resource Estimate Technical Report dated July 24, 2012. Additionally, on April 9, 2015, the company submitted a Preliminary Economic Assessment (PEA)
Technical Report, which was updated on September 22, 2015. On February 22, 2018, Panoro Minerals restarted the drilling program, same which as of July 2019, released a high
grade of mineralization for both Chaupec Target and Guaclle Target. Panoro Minerals Ltd. is currently seeking to complete a Pre-Feasibility Study in 2023 through work programs.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, it has a Second Modification of the Semi-Detailed
Environmental Impact Study (2nd MEIA-sd) for exploration activities of the project, approved by Resolution No. 147-2018-MEM/DGAAM on August 2, 2018. Also, on May 25, 2022
by Resolution No. 155-2022/MINEM-DGAAM the First Technical Supporting Report of the Second Modification of the Semi-Detailed Environmental Impact Study (1st ITS of the
2nd MEIA-sd) was approved. It is worth mentioning that on September 14, 2022, the company submitted to MINEM the 2nd ITS of the 2nd MEIA-sd of the project, which is
currently under evaluation.
63 Standard and Poor’s (S&P Global): Cotabambas – Ownership Information [Market Intelligence from the official Web site]. Consultation date October 12, 2022.
64 Panoro Minerals LTD.: "Corporate Presentation - September 2022".
65 Panoro Minerals Limited: “NI 43-101 Technical Report on Updated Preliminary Economic Assessment” [Technical Report]. September 22, 2015.
Don Javier
Operator Junefield Group S.A. Investor66 100%: Junefield Mineral Resources Holding Limited (China)
Region Arequipa
Province Arequipa
District Yarabamba

Porphyry copper (Cu) and Molybdenum (Mo)
MAIN PROJECT DATA
182 Mt @ 0.45% Cu, 212 ppm Mo, 3.0 ppm Ag -

(Indicated)
Water source Not available Life of mine Not available
Estimated annual
Plant capacity To be defined 34 425 FMT of copper
production71
The owner would continue to be interested in developing exploratory activities within the project area in order to obtain more information regarding the geological characteristics.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has the conformity of the 2nd Technical
Supporting Report of the Second Modification of the Semi-Detailed Environmental Impact Study (2nd ITS of the 2nd MEIA-sd) for exploration activities, by Resolution No. 054-
2019-MEM-DGAAM on April 16, 2019.
66 Revista Energiminas: “Arequipa: Hongkonesa Junefield Group processes ITS to continue with exploration at Don Javier 79". November 15, 2018.
67 Junefield Group S.A.: “Informe Tecnico NI-43-101 of the copper-molybdenum mining project Don Javier, Arequipa” [MINEM Intranet System]. August 2014.
68 Junefield Group S.A.: Environmental Assessment - First Modification of the Semi-Detailed Environmental Impact Assessment (1st MEIA-sd) of the Don Javier exploration project.
69 Junefield Mineral Resources Holding Limited: “Mining Method”. [Official company website]. Consultation date November 28, 2022.
70 Junefield Group S.A.: “Technical Report” [Prepared by AMC Consultants Ltd.]. November 15, 2013.
71 Revista Rumbo Minero: “Measures for Don Javier's closure stage evaluated” [Web Publication]. 10 Dec. 2018.
El Galeno
60%: China Minmetals Corporation (China);
Operator Lumina Copper S.A.C. Investor72
40%: Jiangxi Copper Ltd. (China)
Region Cajamarca
Province Celendin and Cajamarca
District Sorochuco and La Encañada
The project is located 30 km northeast of the city of Cajamarca, at an altitude of approximately 3800 to
4200 m.a.s.l.

Porphyry copper (Cu), molybdenum (Mo) and gold (Au)
MAIN PROJECT DATA
803 Mt @ 0.48% Cu, 0.014% Mo, 0.11 g/t Au, 2.6 g/t Ag
– (M&I)
Water source Not available Life of mine74 20.4 years

Estimated annual 82 324 ounces of gold
production74 2 021 254 ounces of silver
2 277 FMT of molybdenum
The company developed the pre-feasibility study in February 2007, which was reviewed on April 30, 2007. On the other hand, the company evaluated the possibility of developing
a mining cluster in conjunction with adjacent mining units.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has a Fifth Modification of its Semi-Detailed
Environmental Impact Study (5th MEIA-sd) for exploration activities, approved by Resolution No. 094-2019-MINEM/DGAAM on June 18, 2019. Also, on June 28, 2022, the company
submitted to MINEM the Sixth Modification of its Semi-Detailed Environmental Impact Study (6th MEIA-sd) in order to extend its schedule of activities for an additional three
years, which is currently under evaluation.
72 Standard and Poor’s (S&P Global): El Galeno – Ownership Information [Market Intelligence from the official website]. Consultation date: October 12, 2022.
73 Official Website of the Ministry of Energy and Mines [Intranet]: "Monthly Statistical Statement (ESTAMIN)". August 02, 2019.
74 northern Peru Copper Corp.: "Pre-feasibility Assessment”. [Technical Report]. February 19, 2007.
Haquira
Operator Minera Antares Peru S.A.C. Investor75 100%: First Quantum Minerals Ltd. (Canada)
northern Peru Copper Corp.: "Pr e-fea sibility A ssessment Region Apurimac
Province Cotabambas y Grau
District Challhuahuacho y Progreso
The project is in the south of Peru on the western side of Peruvian Andes, approximately
3500 to 4400 m.a.s.l.

Porphyry Copper (Cu) and Molybdenum (Mo)
MAIN PROJECT DATA
Jobs in construction To be defined Type of exploitation76 Open pit and underground
Jobs in operations To be defined Ore reserves77 703.7 Mt @ 0.51% Cu 0.03 g/t Au – (M&I)
79 098 kilopond of copper cathodes

30 000 tons per day by leaching
440 920 kilopond of fine copper
method Estimated annual
Plant capacity76 36 000 ounces of gold
100 000 tons per day by leaching production76
1533 thousand ounces of silver
method
6742 fine kilopond of molybdenum
In early 2020, the company initiated actual land rights and resettlement discussions with the communities of Huanacopampa, Ccahuanhuire, Lahuani, Cconchaccota, Llamahuire,
Ccarayhuacho and Pararani. Currently, the company is continuing with resettlement negotiations with the communities and then focusing on the preparation of its Detailed
Environmental Impact Assessment (EIA-d).
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has the Second Technical Supporting Report of
the Second Modification of the semi-detailed Environmental Impact Study (2nd ITS of the 2nd MEIA-sd) for exploration activities approved by Resolution No. 141-
2019/MINEM/DGAAM on September 13, 2019.
75 Standard and Poor’s (S&P Global): Haquira – Ownership Information [Market Intelligence from the official website]. Consultation date: October 13, 2022.
76 Antares Minerals Inc.: “Preliminary Economic Evaluation Update NI 43-101 Technical Report” [Technical Report]. September 02, 2010.
77 First Quantum Minerals Ltd.: "Annual Information Form". March 28, 2022.
Hierro Apurimac
Operator Apurimac Ferrum S.A.C. Investor78 100%: Strike Resources Limited (Australia)
Region Apurimac
Province Andahuaylas
District Andahuaylas
The project is located at an altitude of approximately 3500 m.a.s.l., 20 km from the city of Andahuaylas,
with a total concession area of 7500 hectares.

Iron (Fe) Skarn
MAIN PROJECT DATA
Jobs in operations To be defined Ore reserves79 142 Mt @ 57.8% Fe – (M&I)
Estimated annual
Plant capacity To be defined 20 million FMT of iron
production79

In 2008, the company completed the Pre-Feasibility Study (PFS) for the project. However, in 2010, Strike Resources Limited commissioned Ausenco Sandwell and SRK Consulting
to update the PFS, as a result of which the new results confirmed that the Hierro Apurimac project hosts world-class mineral reserves with competitive capital costs and low
operating costs. In 2021, Ausenco Sandwell completed a review of the studies (2008 and 2010), gap and trade-off analysis to identify opportunities to reduce capital expenditure
and increase the project's safety of execution.
A Detailed Environmental Impact Assessment (EIA-d) for mining activities has not yet been filed.
78 Strike Resources Limited: “Full Year Report: Director’s report” [Financial Report]. June 30, 2022.
79 Strike Resources Limited: “Pre-feasibility results confirm world class prospects for Apurimac Project in Peru” [Market Announcement]. July 23, 2008.
80 Standard and Poor's (S&P Global): Hierro Apurimac - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 24, 2022.
Hilarion
Operator Nexa Resources Peru S.A.A. Investor81 100%: Hejoassu Administração S.A. (Brazil)
Region Ancash
Province Bolognesi
District Aquia and Huallanca

Skarn Zn-Pb- Ag-(Cu)
MAIN PROJECT DATA
Jobs in operations To be defined Ore reserves84 59 Mt @ 3.5% Zn, 0.6% Pb, 28.7 gr/t Ag - (M&I)
115 000 FMT of zinc

Estimated annual
Plant capacity84 10 000 tons per day 20 000 FMT of lead
production85
2.6 million oz of silver
In the third quarter of 2022, the company mentions that exploration drilling was completed 4630 meters of drilling. This exploration was to test the Hilarion West and San Martin
resources with two rigs over outcropping vein systems, these new deposits are for resource expansion.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, it has the Fifth Modification of the semi-Detailed
Environmental Impact Study (5th MEIA-sd) for exploration activities approved by Resolution No. 0159-2020-MINEM/DGAAM on November 20, 2020.
81 Standard and Poor's (S&P Global): Nexa Resources S.A. - Corporate Structure [Market Intelligence from the Official Website]. Consultation date December 19, 2022.
82 Nexa Resources S.A.: “Nexa announces PEA for potential annual production of 150kt of zinc equivalent - Hilarion project”. [Press Release]. March 5, 2020.
83 Nexa Resources S.A.: “Earnings Release - 1Q22”. April 28, 2022.
84 Nexa Resources Peru S.A.A.: “Annual Report 2021”. February 24, 2022.
85 Nexa Resources Peru S.A.A.: “Annual Report 2020”. February 25, 2021.
Integracion Coroccohuayco
Operator Compañia Minera Antapaccay S.A. Investor86 100%: Glencore Plc. (Switzerland)
Region Cusco
Province Espinar
District Espinar
The project is located at an altitude of approximately 4150 m.a.s.l.
Type of mineral deposit Copper (Cu) and Gold (Au) Skarn/ Porphyry of Copper (Cu) and Gold
and/or mineralization88 (Au)
MAIN PROJECT DATA
Jobs in operations89 1092 Ore reserves86 643 Mt @ 0.6% Cu, 0.08 g/t Au, 2.33 g/t Ag - (M&I)
Compañia Minera Antapaccay S.A. decided to reformulate the "Antapaccay Expansion Tintaya Integracion Coroccohuayco" project by returning to the pre-feasibility stage, expected
to be completed by the end of 2022.
The project has a Modification of the Detailed Environmental Impact Assessment (MEIA-d) for exploitation activities, approved by Resolution No. 196-2019-SENACE-PE/DEAR on
December 17, 2019. In addition, the approval of a "First Technical Supporting Report of the Modification of the Detailed Environmental Impact Assessment (1st ITS of the MEIA-d)
of the Antapaccay Expansion Tintaya - Coroccohuayco Integration Project" was approved by Resolution No. 00040-2022-SENACE-PE/DEAR on March 09, 2022.
86 Standard and Poor's (S&P Global): Antapaccay - Ownership Information [Market Intelligence from the Official Website]. Consultation date November 29, 2022.
87 Official Website of the Ministry of Energy and Mines [Intranet] - Online Environmental Assessment System (SEAL): “Modification of the Environmental Impact Assessment (EIA) for the Antapaccay Tintaya Expansion
Project - Coroccohuayco Integration”. Consultation date: August 28, 2019.
88 Compañia Minera Antapaccay S.A.: Modification of the Environmental Impact Study (MEIA) of the Antapaccay Tintaya Expansion Project Coroccohuayco Integration.
89 Glencore Plc.: [Corporate Presentation]. September 2018.

90 Compañia Minera Antapaccay S.A.: Request for the approval of the Common Terms of Reference for the elaboration of the “Second Modification of the Detailed Environmental Impact Assessment for the
Antapaccay Tintaya Expansion Project”. May 2022.

La Arena II
Operator La Arena S.A. Investor91 100%: Pan American Silver (Canada)
Region La Libertad
Province Sanchez Carrion
District Huamachuco and Sanagoran
The project is located at an altitude of approximately 3,000 to 3,600 m.a.s.l.

Porphyry copper (Cu) and gold (Au)
MAIN PROJECT DATA
Jobs in operations To be defined Ore reserves92 742.4 Mt @0.24 g/t Cu, @0.35% Cu - (M&I)
Estimated annual 200 million of pounds of copper

production92 150 000 ounces of gold
La Arena II is a copper/gold sulphide deposit located below and adjacent to the gold oxide deposit called La Arena that Pan American currently mines. In February 2018, a
Preliminary Economic Assessment (PEA) on La Arena II was released.
91 Standard and Poor’s (S&P Global): La Arena – Property Profile [Market Intelligence from the Official Website]. Consultation date December 13, 2022.
92 Technical Report on the La Arena Project, Peru. February 2018.
La Granja
Operator Rio Tinto Minera Peru Limitada S.A.C. Investor93 100% Rio Tinto Plc. (United Kingdom)
Region Cajamarca
Province Chota
District Querocoto
The project is located approximately 670 km northwest of the city of Lima and at an altitude between
2000 and 2800 m.a.s.l.

Porphyry Copper (Cu)
MAIN PROJECT DATA
130 Mt @ 0.85% Cu - (M&I)

4320 Mt @ 0.51% Cu - (Inferred)
Estimated annual
Plant capacity Not available 500 000 FMT de copper
production97
Rio Tinto Minera Peru Limitada S.A.C. continues to carry out exploration activities in the project area in order to obtain more information regarding the geological characteristics
of the project. In addition, it is important to mention that they will continue with the exploration programs due to the compliance of the Second Technical Supporting Report of
the Twelfth Modification of the Semi-Detailed Environmental Impact Study (2nd ITS of the 12th MEIA-sd).
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has the conformity to the Second Technical
Supporting Report of the Twelfth Second Modification of the semi-Detailed Environmental Impact Study (2nd ITS of the 12th MEIA-sd) for exploration activities, approved by
Resolution No. 202-2022/MINEM-DGMM dated July 7, 2022. Additionally, the company has submitted its Thirteenth Modification of the semi-Detailed Environmental Impact Study
(13th MEIA-sd) on October 20, 2022 and is currently under evaluation.
93 Standard and Poor's (S&P Global): La Granja - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 20, 2022.
94 Rumbo Minero: “La Granja mining project, the largest copper deposit in Cajamarca” [Interview of the Rio Tinto company’s representatives]. Edition No. 129. August 2020.
95 INGEMMET: "Compendium of Peruvian Mineral Deposits” (Newsletter No. 10 Series B: Economic Geology). February 2003.
96 Rio Tinto Minera Peru Limitada S.A.C.: “Rio Tinto Annual Report 2021”.
97 Rio Tinto Plc.: “La Granja project is one of the largest undeveloped greenfield cooper projects in Latin America”. [Corporate Presentation]
Los Calatos
100%: CD Capital Natural Resources Fund III (United
Operator Minera Hampton Peru S.A.C. Investor98
Kingdom)
Region Moquegua
Province Mariscal Nieto
District Moquegua and Torata
The project is located at an average altitude of 2950 m.a.s.l., between the Los Calatos hills, from which
the project receives its name.

Porphyry of copper (Cu) and molybdenum (Mo)
MAIN PROJECT DATA
Jobs in construction To be defined Type of exploitation99 Open pit and underground
Jobs in operations To be defined Ore reserves101 136.5 Mt @ 0.73% Cu, 434 ppm Mo - (M&I)
Water source99 Sea water Life of mine99 32 years
The company plans exploration programs according to the Third Modification of its semi-Detailed Environmental Impact Assessment (3rd MEIA-sd) for exploration activities.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, it has the Third Modification of the semi-Detailed
Environmental Impact Study (3rd MEIA-sd) for exploration activities approved by Resolution No. 035-2021-MINEM/DGAAM dated February 24, 2021, which aims to improve the
technical knowledge of the deposit to facilitate its exploitation, as well as to define the location of future components.
98 Standard and Poor's (S&P Global): Los Calatos - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
99 Minera Hampton Peru S.A.C.: " Request for an extension of the deadline for the reservation of surface land for the implementation of the National Interest Project called “Los Calatos”. January 2020.
100 Metminco Limited: “Los Calatos: High Grade Development Option”. [Investor presentation]. September 2015.
101 Metminco Limited: Director's report. [Press release]. June 27, 2017.
Los Chancas
Office
Region Apurimac
Province Aymaraes
District Pocohuanca and Tapairihua
The project is located in the Pachachaca basin on the Pacific slope at an average elevation of 2279 m.a.s.l.

MAIN PROJECT DATA
Start of operations103 2027 Subtype of project New
98 Mt of oxides @0.45% Cu; and 52 Mt of sulfides

@0.59% Cu
Estimated annual 130 000 FMT of copper

production103 7 500 FMT of molybdenum
During 2022, the company continued to develop complementary activities with the objective to complete the evaluation of the Detailed Environmental Impact Assessment (EIA-
d) for the project. The company also plans to continue developing social and environmental improvements for the local communities.
SENACE resolved to approve the Specific Terms of Reference for the preparation of the Environmental Impact Study for the Los Chancas project through Resolution No. 00111-
2022-SENACE-PE/DEAR on July 21, 2022.
102 Standard and Poor's (S&P Global): Los Chancas - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 14, 2022.
103 Southern Peru Copper Corporation: “Third Quarter and Nine Months Results 2022”. October 2022.
104 Southern Peru Copper Corporation: “Evaluation of the Terms of Reference for the preparation of the Modification of the Detailed Environmental Impact Assessment of Los Chancas”. Approved on July 21, 2022,
through Resolution No. 00111-2022-SENACE-PE/DEAR.

Magistral
Operator Nexa Resources Peru S.A.A. Investor105 100%: Hejoassu Administração S.A. (Brazil)
Region Ancash
Province Pallasca
District Conchucos
The project is located at an altitude between 3300 m.a.s.l. and 4875 m.a.s.l., approximately 450 km
northwest of the city of Lima.

Porphyry - copper (Cu) and molybdenum (Mo) skarns
MAIN PROJECT DATA
Start of operations 2026 Subtype of project New
Jobs in operations107 914 Ore reserves108 189.4 Mt @0.48% Cu, 2.8 g/t Ag, 0.046% Mo - (M&I)

Estimated annual
Plant capacity106 35 400 TM/dia 5000 FMT of molybdenum
production109
1000 ounces of silver
On December 17, 2016, Milpo and Activos Mineros S.A.C., with the intervention of Proinversion, signed the Transfer Agreement for the Mining Concessions that make up the
Magistral project. The company mentions that the feasibility studies for the Magistral project continue to advance.
Environmental Management Tool (EMT): MEIA-d UNDER EVALUATION
The project has an Environmental Impact Assessment (EIA-d) approved by Resolution No. 278-2016-MEM-DGAAM dated September 15, 2016. On December 23, 2021, the mining
company submitted to SENACE the Modification of the Detailed Environmental Impact Assessment (MEIA-d) of the Magistral project, currently still under evaluation. However, the
project has the conformity to the Fourth Technical Supporting Report of the Detailed Environmental Impact Study (4th ITS of the EIA-d) through Resolution No. 158-2022-SENACE-
PE/DEAR.
On February 27, 2021, the project owner submitted the request for the Authorization to Start Mining Activities (Mining Plan). It should be noted that this study contemplates 2
stages; precisely, the application refers to Stage I of the Magisterial pit (Pre-mining). Currently, it is still under evaluation.
105 Standard and Poor's (S&P Global): Magistral - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 14, 2022.
106 National Service of Environmental Certification for Sustainable Investments (SENACE): EVA Information Platform "Project Description - Magistral". Consultation date: October 12, 2022.
107 Nexa Resources Peru S.A.: Modification of the Detailed Environmental Impact Assessment [Executive Summary]. January 2022.
108 Nexa Resources Peru S.A.A.: "Annual Report”. Published on February 24, 2022.
109 Nexa Resources Peru S.A.A.: “Project Technical Data Sheet submitted to MINEM”. October 08, 2020.
Michiquillay
Office
Region Cajamarca
Province Cajamarca
District La Encañada
It is located approximately 900 km northeast of the city of Lima and 45 km from the city of Cajamarca,
at an altitude that varies between 3275 and 4000 m.a.s.l.

Copper porphyry (Cu)
MAIN PROJECT DATA
Jobs in construction To be defined Type of exploitation Open pit
Jobs in operations To be defined Ore reserves111 2288 Mt @ 0.43% Cu (Inferred)
Estimated annual
Plant capacity Not available 225 000 FMT of copper
production111
In June 2018, Southern Copper signed a lease for the acquisition of the Michiquillay project in Cajamarca. Also, in 2021, the company signed a Social Agreement with the Michiquillay
and La Encañada communities. In 2022, the company obtained the required permits to initiate an exploration program in the project's direct area of influence.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, on October 1, 2021 the semi-Detailed Environmental Impact
Assessment (EIA-sd) was approved by Resolution No. 190-2021/MINEM-DGAAM, in order to continue with the exploration programs.
110 Standard and Poor's (S&P Global): Michiquillay - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 14, 2022.
111 Southern Peru Copper Corporation: "Third Quarter and Nine Months Results 2022”. October 2022.
112 INGEMMET: “Newsletter No. 10 Series B: Economic Geology”. February 2003.
Ollachea
Operator Minera Kuri Kullu S.A. Investor113 100%: Minera IRL Limited (United Kingdom)
Region Puno
Province Carabaya
District Ollachea
The project is located south of Puno, approximately 250 km from Lake Titicaca and at an altitude between
2900 and 3850 m.a.s.l..

Orogenic style gold mineralization
MAIN PROJECT DATA
Jobs in construction To be defined Type of exploitation Underground
Jobs in operations To be defined Ore reserves114 10.7 Mt @ 3.28 g/t Au - (Indicated)
Water source Underground water Life of mine114 11 years
Estimated annual 1-3 year: 65 000 ounces of gold

Plant capacity114 3000 tons per day
production115 3 year and over: 85 000 ounces of gold
On September 16, 2019 the arbitration award ordered the payment of US$ 34.2 million by COFIDE to the company, as well as the repayment of the bridge loan. In December 2019
Minera IRL and COFIDE signed a Memorandum of Understanding, which was successively extended until November 7, 2020. Finally, on November 12, 2020, the holder announced
the resolution of its dispute with COFIDE, having up to 36 months to fulfill the agreed commitments.
The project has a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities, approved by Resolution No. 363-2013-MEM-AAM on September 25, 2013.
Subsequently, on December 18, 2014, the First Technical Supporting Report of the Detailed Environmental Impact Study (1st ITS of the EIA-d) was approved by Resolution No.
615-2014-MEM-DGAAM.
On April 28, 2017, the company requested the authorization to start exploitation activities. However, on February 7, 2020, through Resolution No. 0074-2020-MINEM-DGM/V, the
General Directorate of Mining declared the request for authorization to start exploitation activities ineffective due to non-compliance with the deadline granted for correction.
Later, on January 6, 2022, the company resubmitted the request for Authorization to Commence Exploitation Activities for the Ollachea project, which is currently under evaluation.
The approval of the Beneficiation Concession project is registered for the installation of a 3000 tons per day processing plant and the authorization of the construction of the
project by means of Resolution No. 0235-2014-MEM-DGM/V on June 25, 2014.
113 Standard and Poor’s (S&P Global): Minera IRL – General Comments. [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
114 Minera Kuri Kullu S.A.: “Ollachea Gold Project – Peru, NI 43‐101 Technical Report" [Preliminary Technical Report]. August 27, 2021.
115 Minera Kuri Kullu S.A.: Corporate Presentation. February 2022.
Pampa de Pongo
49%: Zhongrong Xinda Group Co. Ltd. (China);
Operator Jinzhao Mining Peru S.A. Investor116
51%: Jiangtong Group (China)
Region Arequipa
Province Caraveli
District Bella Union and Lomas

Iron (Fe) magnesic Skarn
MAIN PROJECT DATA
Massive ore: 3,430.3 Mt @ 39.2% Fe, 0.1 ppm Au, 0.1%

Jobs in operations To be defined Ore reserves118 Cu - (M&I)
Brecciated ore: 193.6 Mt @ 17.2% Fe, 0.1% Cu - (M&I)
Water source119 Sea water Life of mine120 31 years
Estimated annual
Plant capacity Not available 22.5 million FMT of iron
production120

On August 31, 2022, the company submitted to SENACE the request for approval of the Modification of the Citizen Participation Plan regarding the "Modification of the Detailed
Environmental Impact Assessment of the Pampa del Pongo Mine Exploitation and Mining Beneficiation Project", which was approved by Resolution No. 00173-2022-SENACE-
PE/DEAR dated December 13, 2022; whose main modification is the change of the open pit mining system to underground mining; as well as, the increase of mining production
to 30 million tons per year, the consideration of a pipeline for the transportation of iron concentrate, a desalination plant, among other things.
Environmental Management Tool (EMT): EIA-D APPROVED
The project has a Detailed Environmental Impact Assessment (EIA-d) approved by Resolution No. 044-2015-MEM-DGAAM dated January 22, 2015. On October 14, 2021, the owner
submitted to SENACE the Modification of the Detailed Environmental Impact Assessment (MEIA-d) of the Pampa de Pongo project, which was declared inadmissible by Resolution
No. 000160-2021-SENACE-PE/DEAR dated December 9, 2021.
The approval of the Mining Plan and its Authorization to Begin Exploitation Activities for stage I of the "Pampa de Pongo" metallic mining project was approved by Resolution No.
0084-2018-MEM-DGM on March 26, 2018.
116 Standard and Poor’s (S&P Global): Pampa de Pongo – Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
117 Jinzhao Mining Peru S.A.: Information requested from the company, 2022.
118 Jinzhao Mining Peru S.A.: Stage I Mining Plan. February 2018.
119 Jinzhao Mining Peru S.A.: Citizen Participation Plan for the Modification of the Detailed Environmental Impact Assessment (MEIA-d). August 2022.
120 Jinzhao Mining Peru S.A.: Summary sheet submitted to the Ministry of Energy and Mines (MINEM). September 18, 2020.
Rio Seco Copper Plant
Operator Procesadora Industrial Rio Seco S.A. Investor121 100%: Grupo Buenaventura (Peru)
Region Lima
Province Huaral
District Huaral and Chancay
The project is located approximately 96 and 17.5 km north of the cities of Lima and Huaral, respectively.

Not applicable
MAIN PROJECT DATA
Estimated annual
Plant capacity122 Not available 40 000 MT of copper in cathodes
production122

The project consists of a hydrometallurgical leaching process of Cu-As ore concentrates coming from the El Brocal mining unit that will allow the extraction of copper cathodes, a
high grade residue of Au/Ag and As in the stable form of scorodite crystals. The research team is currently evaluating alternatives to improve the value of the high grade residue
to expand the range of concentrates to apply this process. Procesadora Industrial Rio Seco was involved in the production of manganese sulfate from Pb-Ag-Mn concentrates
from the Uchucchacua mining unit, which is currently suspended.
On November 11, 2020, the owner submitted the request for the evaluation of the "Detailed Environmental Impact Assessment of the Planta de Cobre Rio Seco" in the framework
of the Global Environmental Certification - IntegrAmbiente. Furthermore, on December 11, 2020, SENACE declared the project admissible, as well as the mechanisms proposed in
the Citizen Participation Plan and the Rio Seco EIA Executive Summary, through A.D. No. 201-2020-SENACE-PE/DEAR. On January 31, 2022, SENACE approved the Detailed
Environmental Impact Assessment for the Planta de Cobre Rio Seco project through Resolution No. 020-2022-SENACE-PE/DEAR dated January 31, 2022.
121 Compañia de Minas Buenaventura S.A.A.: Annual Report 2021. February 18, de 2022.
122 Industrial Processor Rio Seco: Detailed Environmental Impact Assessment (EIA-d) for the Rio Seco Copper Plant.
Pukaqaqa
83.55%: Hejoassu Administração S.A. (Brazil);
16.45%: Other shareholders
Region Huancavelica
Province Huancavelica
District Huando, Ascension and Huancavelica

Copper (Cu) and Gold (Au) Skarn
MAIN PROJECT DATA
Jobs in operations126 300 Ore reserves127 309 Mt @ 0.4 Cu - (M&I)
Estimated annual
Plant capacity126 30 000 tons per day 5000 FMT of copper
production124
The pre-feasibility study progressed all the way to the end of the FEL2-A stage. It should be noted that the metallurgical results indicated the need to further explore copper and
molybdenum recoveries and grades before moving forward with the pre-feasibility study.
Environmental Management Instrument (EMI): EIA-d APPROVED
The project has a Detailed Environmental Impact Assessment (EIA-d) approved by Resolution No. 130-2015-MEM/DGAAM on March 9, 2015. It also has the Third Technical
Supporting Report (3rd ITS, for its acronym in Spanish) to enable the main components of the Pukaqaqa mining unit, which was approved on February 17, 2020 through Resolution
No. 32-2020-SENACE-PE/DEAR.
123 Standard and Poor's (S&P Global): Pukaqaqa - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
124 Nexa Resources Peru. S.A.A.: “Project Technical Data Sheet submitted to MINEM”. October 18, 2020.
125 Nexa Resources S.A.: “Earnings Release - 1Q22”. October 19, 2022.
126 Compañia Minera Milpo S.A.A. (Actual Nexa Resources S.A.A.): "Detailed Environmental Impact Assessment for the Pukaqaqa Mining Project”. Approved on March 09, 2015.
127 Nexa Resources Peru S.A.A.: Annual Report 2021. October 19, 2022.
Quechua
Operator Compañia Minera Quechua S.A. Investor128 100%: Pan Pacific Copper Co. Ltd. (Japan)
Region Cusco
Province Espinar
District Espinar
Project is located at approximately 3900 to 4300 m.a.s.l..

Porphyry Copper (Cu) and Molybdenum (Mo)
MAIN PROJECT DATA
Jobs in operations To be defined Ore reserves130 680 Mt @ 0.38% Cu
Estimated annual
Plant capacity Not available 76 000 FMT of copper
production130

To August 2022, the company has been developing a stable social situation with the communities of Huisa and Hanccollahua. In addition, the company is making social investments
in the development of skills, livestock development, education, health and social support activities. It is worth mentioning that the Quechua project is located in the so-called
Cinturon Cuprifero of the Andes Mountains (mid-oceanic belt - early Oligocene), the most productive area for copper in the Andean Cordillera, where there are also deposits such
as Los Chancas and Las Bambas.
Environmental Management Instrument (EMI): EIA-d NOT SUBMITTED
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the project has the Second Modification of the semi-
Detailed Environmental Impact Assessment (2nd MEIA-sd) for exploration activities, approved by Resolution No. 075-2010-MEM/AAM on March 3, 2010.
128 Standard and Poor’s (S&P Global): Quechua – Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 13, 2022.
129 Official Website of the Ministry of Energy and Mines [Intranet] - Monthly Statistical Statement (ESTAMIN): Investment Program. Consultation date: September 10, 2018.
130 Pan Pacific Copper Co.: “Pan Pacific Copper gears up to feasibility study stage in development project of Quechua Copper”. [Press Release]. November 30, 2009.
Antamina Replenishment
33.75%: Xstrata Glencore (Switzerland);
Operator Compañia Minera Antamina S.A.
33.75%: BHP Billiton (Australia);
Investor131
22.50%: Teck Base Metals Ltd. (Canada);
10.00%: Mitsubishi Corporation (Japan)
Region Ancash
Province Huari
District San Marcos
The project is located at 4300 m.a.s.l., approximately 100 km east of the city of Huaraz.

Copper (Cu) Skarn
MAIN PROJECT DATA
Start of operations 2023 Subtype of project Replenishment
Jobs in construction132 2500 Type of exploitation Open pit
Jobs in operations132 2404 Ore Resources/Reserves Not available
Plant capacity132 208 000 tons per day Estimated annual production Not available
The project aims to modify components approved and add auxiliary components in the mine area of the Antamina mining unit, to provide continuity to current operations and
expand the mine until 2036.
Environmental Management Instrument (EMI): MEIA-d UNDER EVALUATION
On April 12, 2022, the project owner submitted the request for the evaluation of the Modification of the Detailed Environmental Impact Assessment (MEIA-d), which is currently
under evaluation.
The mining unit associated with the project is classified as a continuous mining activity that began prior to the enactment of Supreme Decree No. 046-2001-EM and in accordance
with Article 29 of the Regulation of Occupational Safety and Health in Mining Supreme Decree No. 024-2016-EM, as amended.
131 Standard and Poor’s (S&P Global): Antamina – Equity & Controlling Owner(s)/Operator [Market Intelligence from the Official Website]. Consultation date: October 13, 2022.
132 Compañia Minera Antamina S.A.: Modification of the Detailed Environmental Impact Assessment (MEIA-d) of the Antamina mining unit. June 2022.
Inmaculada Replenishment
Operator Compañia Minera Ares S.A.C. Investor133 100%: Hochschild Plc. (United Kingdom)
Region Ayacucho
Province Paucar del Sara Sara / Parinacochas
Oyolo and San Javier de Alpabamba / Pacapausa and San Francisco

District
de Ravacayco

Veins - High and low sulfidation Epithermal
MAIN PROJECT DATA
Jobs in construction134 567 Type of exploitation Underground
Jobs in operations134 186 Ore reserves134 28.1 Mt @252 (g/t) Ag
Plant capacity134 Not available Estimated annual production Not available

The company mentions that the objective of the project is to extend the useful life of the Inmaculada mining unit until 2042 through all stages of the proposed development,
including design, construction, commissioning, operation and decommissioning, in accordance with good environmental management practices, as well as the environmental
standards and policies of the Environmental Code. Currently, the Second Modification of the Detailed Environmental Impact Assessment (2nd MEIA-d) of the Inmaculada Mining
Unit is under evaluation by SENACE.
Environmental Management Instrument (EMI): 2nd MEIA-d UNDER EVALUATION
On July 26, 2021, Compañia Minera Ares S.A.C. submitted to SENACE the Second Modification of the Detailed Environmental Impact Assessment (2nd MEIA-d) of the project, which
is currently under evaluation.
133 Standard and Poor’s (S&P Global): Inmaculada – Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 18, 2022.
134 Compañia Minera Ares S.A.C.: Second Modification of the Environmental Impact Study (2nd MEIA) of the Inmaculada mining unit. September 2022.
Raura Replenishment
Operator Compañia Minera Raura S.A. Investor135 100%: Brescia Group (Peru)
Region Huanuco / Lima
Province Lauricocha / Oyon
District San Miguel de Cauri / Oyon
The Raura Mining Unit is located in the western chain of the central Andes to the southeast of the
Huayhuash Cordillera, at an altitude that varies between 4300 and 5700 m.a.s.l.

Skarn of Zn-Cu-Pb-Ag
MAIN PROJECT DATA
5.6 Mt @0.28% Cu; @1.97% Pb; @4.92% Ag; @2.68%

Ag - (Measured)
9.5 Mt @0.29% Cu; @0.96% Pb; @5.65% Ag; @1.99%
Ag - (Indicated)
Water source136 Surfacewater Life of mine136 14 years
Plant capacity136 Not available Estimated annual production Not available
The project aims to expand the operations of the Raura mining unit by approximately 14 years, mainly through the deepening of the mine's underground workings, the continued
operation of the Nieve Ucro II tailings deposit and the construction of a new tailings deposit (Niño Perdido).
On July 20, 2022, the project owner submitted the request for the evaluation of the Modification of the Detailed Environmental Impact Assessment (MEIA-d), which is currently
under evaluation.
The mining unit associated with the project is considered a continuous mining activity initiated before the enactment of Supreme Decree No. 046-2001-EM and in accordance with
Article 29 of the Regulation of Occupational Safety and Health in Mining D.S. No. 024-2016-EM and amendments.
135 Standard and Poor’s (S&P Global): Compañia Minera Raura S.A. – Corporate Structure [Market Intelligence from the Official Website]. Consultation date: October 18, 2022.
136 Compañia Minera Raura S.A.: Second Modification of the Environmental Impact Study (2nd MEIA) of the Raura mining unit. [Executive summary]. September 2022.
Tantahuatay Replenishment
44.2%: Grupo Mexico S.A.B de C.V. (Mexico);
Operator Compañia Minera Coimolache S.A.
Investor137 40.1%: Compañia de Minas Buenaventura S.A.A. (Peru);
15.7%: Regal Ware, Inc. (U.S.A.)
Region Cajamarca
Province Hualgayoc
District Hualgayoc y Chugur
The project is located in the region of Cajamarca, province of Hualgayoc, districts of Chugur and
Hualgayoc at an altitude that varies between 3600 and 4050 m.a.s.l.

High Sulfidation Epithermal
MAIN PROJECT DATA
Jobs in construction139 1000 Type of exploitation Open pit
Tantahuatay Pit:
103.4 Mt @0.306 g/t Au; @13.879 g/t Ag
Pit Cienaga north:
15.9 Mt @0.656 g/t Au; @1.137 g/t Ag
Pit Mirador north:
21.3 Mt @0.402 g/t Au; @0.489 g/t Ag
The project contemplates the expansion of major components such as the Tantahuatay 02 and Cienega north pits, leaching PAD's, auxiliary facilities, as well as the installation of
new components, in order to maintain the continuity and production level of 72,000 metric tons/day at the Tantahuatay mining unit and extend its useful life.
On December 28, 2021, the owner submitted to SENACE the request for evaluation of the Third Modification of the Detailed Environmental Impact Assessment (3rd MEIA-d)
Tantahuatay.
137 Standard and Poor’s (S&P Global): Tantahuatay – Ownership Structure [Market Intelligence from the Official Website]. Consultation date: December 13, 2022.
138 Energiminas: "Minera Coimolache's US$ 621 million plan to revitalize Tantahuatay mine in Cajamarca”. January 13, 2022.
139 Compañia Minera Coimolache S.A.: "Third Modification of the Environmental Impact Assessment of Tantahuata UP”. December 2021.
Rio Blanco
51%: Zijin Mining Group Co. Ltd. (China);
Operator Rio Blanco Copper S.A.
35%: Tongling Non-Ferrous Metals Group Holding Co. Ltd.
Investor140
(China);
14%: Xiamen C&D Co. Ltd. (China)
Region Piura
Province Huancabamba
District El Carmen de la Frontera
The project is located on Henry Hill, on the border between Peru and Ecuador, at an altitude of 2200 to
2800 m.a.s.l.

MAIN PROJECT DATA
Jobs in operations142 1200 Ore reserves142 500 Mt @ 0.63 % Cu
Estimated annual 200 000 FMT of copper

Plant capacity Not available
production142 3000 FMT of molybdenum
The company is currently updating the feasibility study and is in the process of preparing the Detailed environmental impact assessment (EIA-d). It is in the last stage of the pre-
operational stage, defining the final technical studies of the mine's modern components, technological processes, and mitigation plans. It is also working on community relations.
Environmental Management Instrument (EMI): EIA-d UNDER DEVELOPMENT
The company is in the process of preparing a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, it has a Modification of the Update of the
Rehabilitation Plan of the project, approved through Resolution No. 274-2016-MEM-DGAAM on September 14, 2016.
140 Standard and Poor’s (S&P Global): Rio Blanco – Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 13, 2022.
141 Rio Blanco Copper S.A.: “Information submitted by the mining owner to the Ministry of Energy and Mines (MINEM))”. [Corporate Presentation]. September 23, 2020.
142 Rio Blanco Copper S.A.: “Proyecto Rio Blanco”. [Official company website]. Consultation date: October 13, 2022.
Romina
63%: Glencore Plc. (Switzerland);
Operator Compañia Minera Chungar S.A.C. Investor143
37%: Other shareholders (Peru)
Region Lima
Province Huaral
District Santa Cruz de Andamarca
The project is located at an altitude of 4100 to 5150 m.a.s.l.

Skarn Distan in irregular tubular body
MAIN PROJECT DATA
Start of construction145 2023 Type of project Brownfield
Start of operations 2025 Subtype of project Replenishment
Jobs in construction144 378 Type of exploitation Open pit and underground
Jobs in operations144 450 Ore reserves144 14,5 Mt @ 4,63% Zn; 2,72% Pb; 1,23 oz/t Ag - (M&I)
Plant capacity Not applicable Estimated annual production Not available
The objective of the project is the construction and operation of an open pit and underground works for the extraction of polymetallic minerals (zinc, lead and silver, with copper
and iron contents). This material will be transported to the Alpamarca mining unit for beneficiation. The open pit will have a maximum production rate of 28,500 tons per day,
while the underground works will have a maximum production rate of 5,000 tons per day.
Environmental Management Instrument (EMI): EIA-d UNDER EVALUATION
On June 11, 2022, the project owner submitted the Detailed Environmental Impact Assessment (EIA-d) of the Romina project to SENACE, which is currently under evaluation.
Not applicable.
143 Standard and Poor’s (S&P Global): Volcan Compañia Minera S.A.A. – Corporate Structure [Market Intelligence from the official Web site]. Consultation date: October 13, 2022.
144 Compañia Minera Chungar S.A.C.: Detailed Environmental Impact Assessment (EIA-d) of the Romina Project [Project Description]. June 2022.
145 Revista Rumbo Minero: “Volcan could start construction of the Romina project in 2023" [Volcan CEO interview]. November 2022.
San Gabriel
Operator Compañia de Minas Buenaventura S.A.A. Investor146 100%: Grupo Buenaventura (Peru)
Region Moquegua
Province Sanchez Cerro
District Ichuña
The project is located at an altitude between 4450 and 5000 m.a.s.l., 837 km from Lima and 115.5 km
from the city of Moquegua.

Epithermal of intermediate sulphuration
MAIN PROJECT DATA
Jobs in operations149 500 Ore reserves148 14.9 Mt @ 4.04 g/t (1.94 Moz Au), 6.43 g/t de Ag
Water source Underground water Life of mine147 14 years
Estimated annual
Plant capacity150 3000 tons per day 125 000 ounces of fine gold.
production147
In March 2022, Compañia de Minas Buenaventura S.A.A. announced the start of the construction stage of its San Gabriel project. However, on June 15, 2022, construction was
suspended due to the social context in the area of direct influence. On October 28, 2022, the company announced the progressive return of preparatory work for the construction
of the project, as a result of multiple meetings held with authorities and communities. As of November 2022, the project has a financial progress of 5.8%.
Environmental Management Instrument (EMI): EIA-d APPROVED
The project has a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities, approved by Resolution No. 099-2017-MEM/DGAAM on March 31, 2017. Likewise,
the owner submitted to SENACE the Third Technical Supporting Report of the Detailed Environmental Impact Study (3rd ITS of the EIA-d) which was approved on February 4, 2022
by Resolution No. 00025-2022-SENACE-PE/DEAR.
Through Resolution No. 0257-2022-MINEM/DGM, dated March 23, 2022, the Mining Plan was approved and the Start of Mining Activities of the San Gabriel project was authorized.
It should be noted that on June 7, 2022, through Resolution No. 0229-2022-MINEM-DGM/V, corrections were made to Resolution No. 0257-2022-MINEM/DGM.
The application of the "San Gabriel" Beneficiation Concession for the construction of the main components was approved and the Beneficiation Concession title was granted for a
plant capacity of 3000 tons per day by Resolution No. 0298-2022-MINEM/DGM dated March 29, 2022.
146 Compañia de Minas Buenaventura S.A.A.: San Gabriel Project [Official company website]. Consultation date: October 17, 2022.
147 Compañia de Minas Buenaventura S.A.A.: Presentation at the Investor Day event organized by the Lima Stock Exchange. [Corporate Presentation]. August 29, 2022.
148 Compañia de Minas Buenaventura S.A.A.: 2021 Annual Report. February 18, 2022.
149 Perumin 35: Presentation of the status of the San Gabriel project [Corporate Presentation]. September 28, 2022.
150 Compañia de Minas Buenaventura S.A.A.: Beneficiation Concession approved for a plant capacity of 3000 tons per day. Approved on March 29, 2022.
San Luis
Operator Reliant Ventures S.A.C. Investor151 100%: SSR Mining Inc. (USA)
Region Ancash
Province Yungay
District Shupluy

Low sulfidation epithermal
MAIN PROJECT DATA
Jobs in construction To be defined Type of exploitation Underground
Jobs in operations To be defined Ore reserves153 484 Kt @ 578 g/t Ag, 22.4 g/t Au - (M&I)
Water source152 Surface water Life of mine154 3.5 years
Estimated annual 1.86 million ounces of silver

Plant capacity152 400 tons per day
production155 78 000 ounces of gold
During 2021, the company developed activities to provide information about the San Luis project to the community members of the Ecash Rural Community, which includes the
districts of Shupluy, Cascapara, Ataquero, Carhuaz, Marcara and Anta, located in the provinces of Yungay and Carhuaz in the regionof Ancash. Furthermore, the head of the
company held meetings to reinforce the relationship with the community in order to obtain the permit for the construction of the project.
Environmental Management Instrument (EMI): EIA-d Description
The project has a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities, approved by Resolution No. 289-2012-MEM/AAM dated September 10, 2012.
151 Standard and Poor's (S&P Global): San Luis - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 20, 2022.
152 Reliant Ventures S.A.C.: Environmental Impact Assessment (EIA) of the “Ayelen Vein Exploitation Project and San Luis gold and silver processing”. Approved on September 10, 2012.
153 SSR Mining.: Reserve and Resource tables. December, 2021.
154 Reliant Ventures S.A.C.: San Luis Project [Company's oficial Web page]. Consultation date: October 21, 2022.
155 Reliant Ventures S.A.C.: Technical Report for the San Luis Project Feasibility Study. Published on June 4, 2010.
Shalipayco
75%: Hejoassu Administração S.A. (Brazil);
25%: Pan American Silver Peru (Canada)
Region Junin
Province Junin
District Carhuamayo
The project is located at an altitude between 4000 and 4800 m.a.s.l., the closest town to the project is the
city of Carhuamayo located 11 km away.

Mississippi Valley Type (MVT)
MAIN PROJECT DATA
Jobs in operations To be defined Ore reserves158 9.4 Mt @ 4.4%Zn, 0.4%Pb, 31.1 g/t Ag - (M&I)
1 100 000 oz de silver (760 000 oz in the first 5 years)

Estimated annual
Plant capacity Not available 4000 FMT of lead
production160
45 000 FMT of zinc

In 2021, Nexa Resources Peru. S.A.A. invested approximately US$ 117 thousands in the Shalipayco project to maintain the office and warehouse facilities at Carhuamayo, as well
as to conduct some preliminary analyses in connection with the pre-feasibility study. All field activities at Shalipayco were suspended during 2020 due to the COVID-19 pandemic
and, as a result of the government-ordered closures, no exploration activities were carried out in 2021 and 2022. The pre-feasibility study remains suspended while Nexa Resources
Peru. S.A.A. reaches a consensus with the community of Carhuamayo.
The project does not yet have a Detailed Environmental Impact Assessment (EIA-d) for exploitation activities. However, the company has the Second Modification of the semi-
Detailed Environmental Impact Assessment (2nd MEIA-sd) for exploration activities, approved by Resolution No. 020-2019-MEM/DGAAM on February 08, 2019.
156 Standard and Poor's (S&P Global): Shalipayco - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
157 Nexa Resources S.A.: “Technical Report NI 43-101” [Technical report]. July 26, 2017.
158 Nexa Resources Peru S.A.A: Annual Report 2021. October 19, 2022.
159 Nexa Resources S.A.: “Earnings Release - 2Q21”. October 19, 2022.
160 Nexa Resources Peru S.A.A.: “Presentation of the mining owner to the Ministry of Energy and Mines (MINEM)". September 2020.
Tia Maria
Operator Southern Peru Copper Corporation, Peru Branch Investor161 100%: Grupo Mexico S.A.B. de C.V. (Mexico)
Region Arequipa
Province Islay
District Cocachacra, Mejia and Dean Valdivia
The project is located at an altitude of 700 m.a.s.l.

Porphyry Copper (Cu) and molybdenum (Mo)
MAIN PROJECT DATA
Jobs in construction164 9000 jobs: 3600 directs and 5400 indirects Type of exploitation163 Open pit
La Tapada Pit: 425.383 Mt @ 0.43% Cu

Tia Maria Pit: 225.377 Mt 0.29% Cu
Water source Sea water Life of mine163 20 years
Estimated annual
Plant capacity163 100 000 tons per day 120 000 FMT of copper
production162

The company has completed engineering studies and has an approved Environmental Impact Assessment. The company will use desalinated seawater for its operations,
transportation of supplies, and copper production. They will also build a 32 kilometer railroad and an access road at a safe distance from the Tambo Valley so that materials and
production can be transported during project operation without affecting local road traffic. Southern Copper states that it has been working consistently to promote the well being
of the people in the Islay province by implementing social programs in education, health care and productive development to improve the quality of life in the region, as well as
agricultural and livestock activities in the Tambo Valley, and supporting the growth of manufacturing, fishing and tourism in Islay.
Environmental Management Instrument (EMI): EIA-d Description
A Detailed Environmental Impact Assessment (EIA-d) for exploitation activities was approved by Resolution No. 392-2014-MEM/DGAAM on August 1, 2014. Likewise, the project
registers a First Technical Supporting Report of the Detailed Environmental Impact Study (1st ITS of the EIA-d) to which conformity was given by Resolution No. 030-2018-SENACE-
JEF/DEAR on February 19, 2018.
The Beneficiation Concession file was approved for an installed capacity of 100,000 metric tons/day and the construction of components in the dry and wet areas was authorized
by Resolution No. 0328-2019-MINEM-DGM/V on July 8, 2019.
161 Standard and Poor's (S&P Global): Tia Maria - Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 19, 2022.
162 Southern Copper Corporation: “Results Second Quarter 2022”. Publication date: August 24, 2022.
163 Southern Peru Copper Corporation: Information submitted by the mining owner to the Ministry of Energy and Mines (MINEM). October 08, 202.
164 Southern Copper Corporation: “Results Second Quarter 2022”. Publication date: May 14, 2022.
165 Southern Peru Copper Corporation: "Environmental Impact Assessment for the Tia Maria mining exploitation and beneficiation Project”. Approved on August 01, 2014.
Trapiche
Operator El Molle Verde S.A.C. Investor166 100%: Grupo Buenaventura (Peru)
Region Apurimac
Province Antabamba
District Juan Espinoza Medrano

Porphyry Copper (Cu) and molybdenum (Mo)
MAIN PROJECT DATA
Start of operations 169 2028 Subtype of project New
Jobs in operations167 1630 Ore reserves168 283.2 Mt @0.51% Cu
45 000 a 65 000 tons per day Estimated annual

Plant capacity170 60 000 FMT of copper
(heap leaching + SX-EW) production169
During 2021, the company completed construction of the on-site metallurgical laboratory and began 36 of the 100 column tests scheduled as part of the feasibility study. The
environmental baseline was completed and the first of two citizen participation workshops were scheduled for the end of the year. Also the Company updated the pre-feasibility
study and planned a drilling program of 18,000 m by 2022 to continue in-situ column testing and improve the certainty of the mineral resource.
On November 5, 2021, the Citizen Participation Plan was approved prior to the submission of the Detailed Environmental Impact Assessment (EIA-d) of the Trapiche project by
Resolution No. 00144-2021-SENACE-PE/DEAR. On November 8, 2022, the owner submitted to SENACE, the request for modification of the Citizen Participation Plan for the
"Detailed Environmental Impact Study of the Trapiche project" and is currently under evaluation.
166 Compañia de Minas Buenaventura S.A.A.: Trapiche [Official company website]. October 18, 2022.
167 Compañia de Minas Buenaventura S.A.A.: Presentation of the "Buenaventura Project Portfolio" to the Ministry of Energy and Mines (MINEM). August 2020.
168 Compañia de Minas Buenaventura S.A.A.: Annual Report 2021. February 18, 2022.
169 Compañia de Minas Buenaventura S.A.A.: Presentation at the Investor Day event organized by the Lima Stock Exchange. [Corporate Presentation]. August 29, 2022.
170 Compañia de Minas Buenaventura S.A.A.: Second quarter 2022 corporate results [Corporate Presentation]. October 18, 2022.
Yanacocha Sulfides
Operator Minera Yanacocha S.R.L. Investor171 100%: Newmont Goldcorp Corp. (U.S.A.)
Region Cajamarca
Province Cajamarca
District Cajamarca, La Encañada and Los Baños del Inca
The project is located at a distance approximately 20 km north from the city of Cajamarca
and 583 km from the city of Lima, at 3600 to 4200 m.a.s.l..

Porphyry of Copper (Cu) and Gold (Au)
MAIN PROJECT DATA
Start of construction174 2024 Type of project Brownfield
Jobs in construction173 1340 Type of exploitation173 Open pit and underground
Jobs in operations173 675 Ore reserves175 57.7 Mt @ 0.61 % Cu
Estimated annual
Plant capacity Not available 525 000 equivalent ounces of gold
production176
The Yanacocha Sulfides project is located within the current operating zone and involves the processing of sulfide ores to produce copper and gold, which would substantially
extend the life of the mine. In September 2022, Newmont announced that following the decision to invest full funding by the second half of 2024, the advanced engineering
activities will continue.
Environmental Management Instrument (EMI): 2nd MEIA-d APPROVED
The project has the Second Modification of the Detailed Environmental Impact Assessment (2nd MEIA-d) of the Yanacocha Sulfides project, approved by Resolution No. 154-2020-
SENACE-PE/DEAR on December 21, 2020, which seeks to increase the extraction of material from the Chaquicocha Stage 3 pit to increase the average annual production of gold,
in addition to improving operational efficiency through the mixing of tailings and their subsequent sequential disposal. It should be noted that a Third Technical Supporting Report
of the Second Modification of the Detailed Environmental Impact Study (3rd ITS of the 2nd MEIA-d) is registered, which was approved by Resolution No. 0145-2022-SENACE-
PE/DEAR on September 30, 2022.
171 Minera Yanacocha S.R.L.: “Form 10-Q”. September 30, 2022.

172 Minera Yanacocha S.R.L.: “Results second quarter 2022”. July 05, 2022.
173 Minera Yanacocha S.R.L.: “Second Modification of the Yanacocha Environmental Impact Assessment”. December 21, 2020.
174 Minera Yanacocha S.R.L.: "Results Second Quarter 2022”. September, 2022.
175 Newmont Corporation: "Newmont Reports 2021 Mineral Reserves of 93 million Gold Ounces and 65 million Gold Equivalent Ounces". February 2022.
176 Minera Yanacocha S.R.L.: Newmont delays Yanacocha Sulfides project and names Dean Gehring to lead Peruvian assets [Press Release]. September 2022.
Yumpag
Operator Compañia de Minas Buenaventura S.A.A. Investor177 100%: Grupo Buenaventura (Peru)
Region Pasco
Province Daniel Alcides Carrion
District Yanahuanca
The project is located on the eastern flank of the Cordillera Occidental of the Peruvian Andes, at an
altitude between 3750 and 5150 m.a.s.l.

Intermediate sulfidation veins
MAIN PROJECT DATA
60.6 Kt @ 29.4 oz/t Ag, 0.28 g/t - (Tested)

805.5 Kt @ 25.58 oz/t Ag, 0.2 g/t - (Probable)
On July 1, 2021, the owner submitted to SENACE its Detailed Environmental Impact Assessment (EIA-d) for evaluation. Subsequently, on August 17, 2021, through Directorial Order
No. 00165-2021-SENACE-PE/DEAR, the Detailed Environmental Impact Assessment (EIA-d) of the Yumpaq-Carama Project was declared admissible, as well as the conformity of
the Citizen Participation Plan and the Executive Summary of the aforementioned assessment. Currently, it is under evaluation.
On July 1, 2021, Compañia de Minas Buenaventura S.A.A. submitted to SENACE the request for evaluation of its Detailed Environmental Impact Assessment (EIA-d) of the Yumpag
mining project, which is currently under evaluation..
177 Compañia de Minas Buenaventura S.A.A.: Annual Report 2021. February 18, de 2022.
178 Compañia de Minas Buenaventura S.A.A.: Detailed Environmental Impact Assessment (EIA-d) of the Yumpag Carama project [Executive Summary]. July 2021.
179 Compañia de Minas Buenaventura S.A.A.: Company Web Portal [Yumpag Project]. Consultation date: November 30, 2022.
Zafranal
80%: Teck Resources Copper (Canada);
Operator Compañia Minera Zafranal S.A.C. Investor180
20%: Mitsubishi Materials Corporation (Japan)
Region Arequipa
Province Castilla and Caylloma
District Huancarqui, Lluta and Majes
The project is located at an altitude range of 1444 to 2900 m.a.s.l., approximately 90 km in a straight line
to the northwest of the city of Arequipa.

Porphyry Copper (Cu)
MAIN PROJECT DATA
Start of construction182 2024 Type of project Greenfield
Jobs in operations181 1210 Ore reserves181 440.7 Mt@ 0.38% Cu, 0.07 g/t Au. - (P&P)
Estimated annual 76 000 FMT of Cu

production184 29 000 fine ounces of Gold
The Zafranal project aims to extract copper sulfides with gold content. In addition, it seeks to obtain water use permits and build infrastructure related to water management, to
which end it must first demonstrate that there is an available volume that can be used in the project.
On December 21, 2021, Compañia Minera Zafranal S.A.C. submitted to SENACE the request for evaluation of its Detailed Environmental Impact Assessment (EIA-d) of the Zafranal
mining project, currently under evaluation.
180 Standard and Poor’s (S&P Global): Zafranal – Ownership Information [Market Intelligence from the Official Website]. Consultation date: October 17, 2022.
181 Compañia Minera Zafranal S.A.C.: Detailed Environmental Impact Assessment for the Zafranal Mining Project [Project Description]. December 2021.
182 Perumin 35: Presentation of the Zafranal project status [Corporate Presentation]. September 28, 2022.
183 Revista Rumbo Minero:“ Zafranal mining project, estimated to generate 3,000 direct jobs and about 1,000 indirect jobs at the peak of the mine's construction". [Interview with Zafranal company representatives].
August 2022.
184 Compañia Minera Zafranal S.A.C.: “Information presented by the mining owner to the Ministry of Energy and Mines (MINEM)” September, 2020.
2023
PORTFOLIO OF MINING
INVESTMENT PROJECTS
DIGITAL VERSION
WWW.GOB.PE/MINEM
Central Phone: (+511) 4111100

Portfolio of Mining Investment Projects

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PORTFOLIO OF MINING

JAIME CESAR CHAVEZ RIVA GALVEZ

WALTER SANCHEZ SANCHEZ

WILFREDO VIVANCO ENCISO

The content of this publica on may be reproduced in full or

SYMBOLS AND ABBREVIATIONS .............................................. 6

II. CHANGES REGISTRERED

III. METHODOLOGY .................................................. 13

IV. ANALYSIS OF THE PROJECT PORTFOLIO ......... 17

MINISTRY OF ENERGY AND MINES 3

VI. MACROECONOMIC IMPACT.............................. 37

VII. DATA SHEETS OF PROJECTS ............................. 41

Bayovar Expansion .................................................................. 42

4 MINISTRY OF ENERGY AND MINES

This edition is composed of 47 mining projects that include an investment of

Chapter V: Presents the annualized projection of investments in the Portfolio,

Chapter VI: This chapter examines the macroeconomic impact of mining

Chapter VII: This chapter presents detailed information on the 47 projects in

MINISTRY OF ENERGY AND MINES 5

6 MINISTRY OF ENERGY AND MINES

That same year was marked by a scenario of national economic recovery

In this way, mining generates economic resources that are transferred to

In addition, in 2021, mining employment was more than 227 thousand

Based on the above, it is important to guarantee mining investments because

MINISTRY OF ENERGY AND MINES 7

Chart 01: Portfolio of Mining Investment Projects

2026 Ilo Expansion Southern Peru Copper Corporation,

2027 Los Chancas Southern Peru Copper Corporation,

2028 Trapiche El Molle Verde S.A.C. Apurimac Copper PRE-FEASIBILITY 973

2029 Michiquillay Southern Peru Copper Corporation,

TBD Cuajone Expansion Southern Peru Copper Corporation,

TBD Antilla Panoro Apurimac S.A. Apurimac Copper PRE-FEASIBILITY 250

TBD Ayawilca Tinka Resources S.A.C. Pasco Zinc CONCEPTUAL 264

TBD Conga Minera Yanacocha S.R.L. Cajamarca Gold FEASIBILITY 4800

TBD Cotabambas Panoro Apurimac S.A. Apurimac Copper PRE-FEASIBILITY 1486

TBD El Galeno Lumina Copper S.A.C. Cajamarca Copper PRE-FEASIBILITY 3500

TBD La Arena II La Arena S.A. La Libertad Copper CONCEPTUAL 1364

TBD Ollachea Minera Kuri Kullu S.A. Puno Gold PRE-FEASIBILITY 89

TBD San Luis Reliant Ventures S.A.C. Ancash Silver FEASIBILITY 90

TBD Shalipayco Nexa Resources Peru. S.A.A. Junin Zinc PRE-FEASIBILITY 91

TBD Tia Maria Southern Peru Copper Corporation,

TBD Yumpag Compañia de Minas Buenaventura S.A.A. Pasco Silver FEASIBILITY 81

TOTAL 47 PROjECTS 53,715

8 MINISTRY OF ENERGY AND MINES

2.1. CHANGES IN THE METHODOLOGY

I. Investment (CAPEX) equal to or higher than US$ 70 million.

I. Capex investment (in construction) equal to or higher than US$

2.2. CHANGES IN THE PROJECTS

MINISTRY OF ENERGY AND MINES 9

The overall investment in this edition amounts to US$ 53 715 million,

COMPARISON OF THE PROJECT PORTFOLIO (2021 and 2023)

1. Regarding the "Quellaveco" project, Anglo American Quellaveco

• The AZOD project was dropped from the portfolio because

• The Falchani and Macusani projects were not considered in

10 MINISTRY OF ENERGY AND MINES

4. Compared to the previous version, 31 projects maintain their glo-

5. The remaining 8 projects modified their investment amounts,

• The overall investment for the Canariaco project decreased

MINISTRY OF ENERGY AND MINES 11

ITEM NUMBER OF PORTFOLIO’S PORTFOLIO’S INVESTMENT

PROJECTS THAT STARTED OPERATIONS 1 5300 -5300

PROJECTS THAT LEFT THE PORTFOLIO 3 1233 -1233

PROJECTS ADDED TO THE PORTFOLIO 8 5989 5989

PROJECTS WITH INVESTMENT MODIFICATIONS 8 9250 10 341 1091

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