Peru approves environmental study for $3.4 billion Buenaventura copper project

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Peru on Wednesday approved an environmental study for Buenaventura BVL:BUENAVC1, one of Peru's largest mining firms, to proceed with its southern Trapiche copper project with an estimated investment of $3.4 billion, the Andean nation's state certification office said. The environmental certification office SENACE said the evaluation of the detailed environmental impact study "guarantees the development of activities under high sustainability standards" in Peru's Apurimac region.SENACE noted that while the study's approval is an essential step, it does not in itself authorize the miner to begin operations.Peru is the world's third-largest copper producer. Regulators in the South American country require other permits including a construction license before miners can begin extracting ore.Executives at Buenaventura, which owns several gold and silver mines across the country, have said Trapiche should become one of the company's most important copper projects when it becomes operational after 2030.Buenaventura also owns close to 20% of Cerro Verde BVL:CVERDEC1, one of Peru's largest copper deposits. The mine there is run by U.S.-based miner Freeport McMoRan NYSE:FCX.

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