The Peruvian government has allowed Chakana Copper to begin the exploration of minerals in its Soledad copper project.
The permit allows the Peruvian miner to expand its exploration program, which will focus on testing several targets including the Paloma East and Paloma West breccia pipes, and the Huancarama Breccia complex, the company said in a statement on Thursday.
The company plans to start its drill program once COVID-19 work protocols are approved, Chakana noted in the statement. The firm did not disclose the volume of copper that could be extracted but noted that the project also includes exploration for gold and silver.
Chakana Copper acquired the Soledad project in February of 2017, according to the company’s website. The Soledad project is located in the Ancash province of central Peru, approximately 260km north-northwest of Lima.
Peru’s mining output fell by 45.7pc in May this year driven by lower production of iron ore, copper, zinc, lead, and molybdenum due to miners halting operations because of the pandemic.
The mining industry is one of the most important economic activities in Peru, which represents about 9pc of GDP and 60pc of the country’s exports. Copper and gold are the most important metals exported by value.