Copper startup in IPO talks ahead of Peru mining expansion

Copper startup Quilla Resources Inc. is in discussions with prospective advisers about listing shares in Toronto as it weighs expansion plans in Peru.

The company led by veteran Peruvian mining executive Victor Gobitz is considering an initial public offering next year after restarting the idled Chapi mine in southern Peru, Gobitz said.

“In Toronto there is an ecosystem specialized in mining,” he said, referring to the preference for a Canadian listing. “If Quilla continues growing, hopefully we will graduate to New York in a few years.”

Gobitz, the former boss of a mine owned by BHP Group and Glencore Plc, is pitching investors on a project that builds on an existing operation rather than a greenfield development. That means it can be expanded faster and at lower cost as miners struggle to bring on new supply for the energy transition and data centers. His team is also watching for other opportunities that may arise in Peru.

For now, the focus remains on restarting Chapi and advancing exploration across the broader land package near a major Freeport-McMoRan Inc. mine to determine whether a much larger deposit lies beneath the current operation. Quilla is arranging a new capital raise ahead of its anticipated IPO.

Chapi began ramping up in February and is expected to reach full capacity in the fourth quarter. Eventually, Gobitz wants to raise annual output to 30,000 metric tons, a plan that would require an investment of $200 million to $300 million. Tapping the deposit’s full potential could mean a new owner with deeper pockets, he said.

(By James Attwood and Carla Samon Ros)