Brazilian mining company Nexa Resources plans to invest some $1.17 billion in copper and zinc projects in Peru and Brazil over the next five years, the company's general manager Ricardo Porta said on Friday.
About $816 million will be invested in Peru, including $555 million in copper projects and $216 million in zinc, Porta said in an interview.
The proposed mine closest to being developed is Aripuana, a $354 million zinc project in Brazil slated to start production in 2020. "We hope to achieve final (government) approval of the project in coming months," Porta said on the sidelines of a mining conference in Lima.
The Shalipayco zinc project and the Magistral and Pukaqaqa copper projects in Peru would follow, Porta said. Shalipayco would likely start production in 2021, Magistral in 2022 and Pukaqaqa in 2023, he said.
"Between Brazil and Peru we have seven projects," Porta said, adding that the company's priority was to raise its reserves, which have been growing at about 5 percent per year.
Nexa operates five mines in Brazil and the Milpo, Atacocha and El Porvenir mines and the Cajamarquilla zinc refinery in Peru.
The company expects to produce 600,000 tonnes of zinc this year, Porta said.
(Reporting By Marco Aquino, Writing By Mitra Taj).