Bear Creek Mining postpones the start of construction at the Corani mining project to 2025.

Bear Creek Mining has recently updated the timeline for the start of construction on its ambitious Corani mining project, located in Puno, Peru. Although the Canadian company initially planned to begin construction at the end of 2024, Andrés Franco, the company's vice president and general manager, has confirmed that the new expected date is 2025. This decision comes in the context of strategic and financial adjustments that are shaping the direction of the project. The construction of the Corani mine is projected to take three years and is expected to generate around 2,500 direct jobs, a fact that will undoubtedly benefit the local economy and contribute to the development of the region. However, before being able to start construction, Bear Creek is in the process of obtaining key permits, including those related to the availability and use of water resources, which are essential for the construction and operation phases. It is important to remember that obtaining permits is not a new process for Bear Creek. In 2019, the company had already received the necessary authorization to begin construction on the project. However, unforeseen circumstances caused by the COVID-19 pandemic and other situational issues halted the execution of the plan. In light of this situation, the company has had to update its permits and reconsider its initial budget, leading to a significant increase in the projected investment, which will now exceed $600 million. "We are starting over, recalculating costs from this year 2024," Franco stated, emphasizing that due to economic changes, the total investment is expected to increase by 20%, surpassing $579 million. This reevaluation, according to the executive, would result in an attractive internal rate of return of 36.50%, making the project even more promising for investors. In terms of production, the Corani mine is expected to start operations with a return rate of 22.9% at an average price of $18 per ounce of silver, based on historical projections. However, with current market prices ranging from $28 to $29 per ounce, the return rate could rise to an impressive 43.30%. This optimistic projection reflects the economic viability of the project and its potential impact on the sector. Franco underscored the magnitude of the project, indicating that during the first three to four years of operation, Corani would produce around 16 million ounces of silver annually. Subsequently, average production is expected to stabilize at 9.6 million ounces per year, consolidating Corani as the largest silver project in the world, surpassing the second largest, Chispas in Mexico, which produces about 5 million ounces annually. In addition to silver, the Corani mine will also focus on the production of lead and zinc, with estimates predicting the delivery of 57,000 tons of lead and 47,000 tons of zinc in the initial years of operation. In the long term, production of these minerals is expected to remain at significant levels, with averages of 44,000 tons for lead and 31,000 tons for zinc. The projected production rate is 27,000 tons per day, highlighting the scale and ambition of the project. This proactive approach and careful planning are crucial to ensure that Corani not only becomes a pillar of the local economy but also positions itself as a benchmark for sustainable mining in the region. In the current context, where the demand for precious and strategic metals continues to rise, the Corani project promises to be an important source of resources, not only for Bear Creek Mining but also for Peru and its industrial development. The anticipation surrounding this project is growing, and the mining sector is keenly watching how the next steps in the construction of this key mine on the global mining map will unfold.