The Michiquillay copper project in Peru had 10 companies signed up to bid for the $2 billion project. Southern Copper won the auction, with their proposal to contribute $400 million to the government, and pay 3% royalties. This project is located in the northern region of Peru, and estimated at 1.1 billion tonnes of copper with an average grade of 0.629% copper with reported concentrations of gold, silver, and molybdenum.
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