273 promoting local businesses is fundamental to developing opportunities for the communities. Trained people can find a job not just in our mine, but elsewhere when our project is completed. 4. DISCUSSION OF RESULTS There are two major projects developed and executed by MINSUR in the last decade using the project development methodology: a) Mina Justa ($1.7 Billion investment): This is a major open-pit mining IOCG (iron oxide, copper gold) project extracting and processing oxidized and sulfide minerals for copper production as cathodes and concentrates respectively. It begun operations at the end of 2020, with an average annual production of 120,000 tons of copper. • Project Value Management o Strong business case supported by certified mineral reserves, solid metallurgical test work to estimate copper recovery, Capex and Opex estimates, according to IFC and MINSUR standards o Capital cost overrun under 2%, and project completion on schedule o Rigorous risk management system, including time and cost provision analysis and change management: This also included investment risk analysis using Montecarlo tools • Technical Management o Good understanding of geology with 400 km of drilling, with a strong minable resource model o Oxide processing by VAT leaching using large tanks to dissolve copper, reducing the footprint of the plant and facilitating the closure of the facility o Tailings storage facility construction using non contaminant waste material from the open pit, reducing cost and footprint impact for closure o Use of seawater from the Pacific Ocean for concentrator and leaching processes, saving the use of fresh water from the basin o Automation, process control and asset reliability designed to fit per purpose • Sustainability o Good relationship with the communities around the operation, applying a strong program for local capabilities development in Marcona and Nazca started during the Definition Phase o Creation of hundreds of job positions for local workers (Marcona, Nazca) and several local businesses during construction and operation of the mine o Fairly limited land footprint for minimal impact on biodiversity o Strong governance and high environmental standards since the beginning of the operation, allowing the Copper mark certification for sustainable operation practice • Project Management
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