Zijin plans $1.5 billion investment for La Arena copper mine

China’s Zijin Mining Group is seeking new opportunities in Peru as it prepares to invest about $1.5 billion to expand its La Arena mine and increase copper production in the South American country, a company executive said on Tuesday.

Luo Yuchuan, CEO of the La Arena mine controlled by Zijin, told Reuters that despite the “rather unique” political situation in Peru, the company believes the country maintains fiscal and financial stability and key mining potential for investment in the sector.

“That’s why we believe Peru is a good country for mining investment, and that’s why we continue to look for other projects to develop,” he said at a mining forum in Lima.

Zijin Mining, which acquired the La Arena copper and gold mine at the end of 2024, plans to extend the mine’s lifespan by 19 years.

(Reporting by Marco Aquino, writing by Leila Miller; editing by Cassandra Garrison)