On November 18th, Chen Jinghe, Chairman of Zijin Mining Group Co., Ltd. (“Zijin”) was invited to attend the APEC Summit Peru round-table conference for CEOs of mining companies, he met and held talks with President Kuczynskiof Peru and Minister Tamayo of Ministry of Energy & Mining, and reached an agreement on accelerating the development of Rio Blanco Copper-Molybdenum Mine. On November 20th, they signed an agreement on promoting mining and smelting activities in Rio Blanco Copper-Molybdenum Mine.
During the round-table conference, Kuczynski expressed that the Government strongly supports mining investments in Peru, and would fully promote the facilitation of overseas mining investment projects. Meanwhile, he also put forwards series of measures including simplification of investment procedures, reduction of taxes and initiative investments on community infrastructures. After the meeting, Chairman Chen held talks with Mr. Tamayo and Vice Minister Shinno, who is in charge of mining work, on accelerating the development of Rio Blanco Copper-Molybdenum Mine.
Since the beginning of 2016, Peru Government had given its stance on supporting the development of Rio Blanco Copper-Molybdenum Mine for many times, and proposed that it should be listed into its National Major Projects. During APEC Summit, both parties signed formal cooperation agreements, which reflected the significant progress on the project and it would definitely promote the development of this project into a new stage.
Rio Blanco Copper-Molybdenum Mine is a world super-large Copper and Molybdenum deposit, the preserved resources of Copper and Molybdenum reach 7.41 million tonnes and 280,000 tonnes respectively. The annual Copper and Molybdenum outputs after operation are estimated to be 200,000 tonnes and 3,000 tonnes respectively.