Codelco, Peñoles look for Milpillas financing

Mexico's Peñoles mining company, in association with Chilean state copper corporation Codelco, is working to obtain financing for the Milpillas copper project in northern Sonora state, Mexico's mining director Federico Kunz told BNamericas. With the Milpillas project, this is the first copper adventure that Peñoles has undertaken, according to the official. "Copper is an important factor for Peñoles, and for Mexico [it is] a new mine of good size in Sonora state," he said. The official pointed to the mining activity Mexico has enjoyed over the last six months as exploration concession applications have increased, "which gives us an interesting feel for the [current] trend." Sector expectations are high as the authorities expect numerous mines to open during this year and the next, including those in Durango and Chihuahua states, as well as the Ocampo, Causal and Milpillas projects, among others. The Peñoles group should conclude expansion projects which have begun in the last few years. Grupo México is also working well with copper and the Luismin company is developing new projects. "There is dynamism in all of the projects, both in domestic and foreign investment," Kunz said.