182 183 cerro de pasco The greatest investment of the XXth century Caption Cerro de Pasco Corporation Operating properties Undeveloped properties Southern Peru Copper Corp. Operating properties Undeveloped properties tonnes of mineralised sulphides in deposits with a prevalence of copper (2.6%), zinc (1.3%) and 0.75 ounces of silver per tonne. Its potential was already a proven fact. In Chalcobamba, south of Cusco, 27 million tonnes of mineralised sulphides were recorded with an average of 2.1% copper. Although not enough studies had been done in Ferrobamba, the testing of old works and outcrops showed 1,750,000 tonnes of mineralisation with approximately 3.4% copper and 0.7 ounces of silver per tonne. In contrast, Tintaya was an oxide deposit estimated at 7 million tonnes with an average of 3% copper where the existence of copper sulphides had also been verified. As was to be expected, the political conditions and the new mining regulations would not allow Cerro’s executives to raise the required partners or comply with the tight deadlines or demanding conditions, so these properties finally ended up reverting to the State. The government had obtained a victory, but a Pyrrhic one because, later on, it would not earn the confidence of investors either and they would lay hands on the fiscal chest to promote a single project, that of Tintaya. Subsequently, there would be no more significant investments in mining in the medium term. In reality, this apparent victory was a defeat for the sector and for the development of mining and the national economy. A way forward for Cuajone By 1969, the Toquepala mine had demonstrated the enormous copper potential of the southern Andes, and almost ten years after the start of operations, the Southern Peru Copper Corporation’s intention was to add the Cuajone deposit to its operations. In this way, it would protect itself from the new mining legislation on unexploited concessions, which was already being discussed at that time. Thus, Southern, in which Cerro still had a 22.25% stake, managed to establish an agreement with the government for the development of the VERY DEMANDING NEW REGULATIONS ON UNEXPLOITED MINING CONCESSIONS CAUSED CERRO PROJECTS, SUCH AS ANTAMINA, FERROBAMBA, CHALCOBAMBA AND TINTAYA, TO REVERT TO THE STATE. OPERATIONS AND CONCESSIONS Towards 1968, this is how the map of the mining– metallurgical interests of the Cerro de Pasco Corporation in the country looked.
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