Bear Creek Mining adjusts schedule and plans to start construction at Corani in 2025.

Bear Creek Mining, the Canadian company behind the promising Corani mining project in Puno, has announced a new start date for construction, now projected to begin in 2025. This schedule change comes after the company initially proposed late 2024 as the start date. Andrés Franco, Vice President and General Manager of Bear Creek, argues that changes in economic conditions have necessitated adjustments to expectations and investment plans. The construction of the Corani mine not only represents a significant investment, estimated to exceed $600 million, but it also promises to have a substantial impact on the local economy. The project is expected to generate around 2,500 direct jobs during its construction phase, which could provide a vital boost to the economy of a region that has been hit hard by the COVID-19 pandemic and other recent challenges. The path to the start of construction has not been easy for Bear Creek. Although the necessary permits were granted in 2019 to begin construction, the onset of the pandemic forced the company to halt the process. Since then, they have been working on updating permits and restructuring their budget, which has led them to rethink their initial investment, increasing projections by 20% compared to earlier estimates. Franco has emphasized that the company is in the final stages of obtaining permits, which include critical aspects such as water availability. Proper water use is essential for both the construction and subsequent operation of the mine, highlighting the importance of responsible and sustainable water resource management in the region. The Corani mine, considered one of the largest silver deposits in the world, has production projections that excite the industry. It is estimated that in its first three to four years of operation, the mine could produce around 16 million ounces of silver, with long-term projections of 9.6 million ounces annually. This figure positions Corani as a leader, surpassing other significant projects such as Chispas in Mexico, which produces approximately 5 million ounces of silver annually. In addition to silver, the project also includes the production of other minerals, such as lead and zinc. During the initial years, it is expected to generate 57,000 tons of lead and 47,000 tons of zinc, with long-term projections of 44,000 and 31,000 tons, respectively. This diversification in production not only makes the project more robust but also allows Bear Creek to respond to market fluctuations more effectively. The internal rate of return of the project is another aspect highlighted by Franco, who indicated that a return of 22.9% is expected at a projected price of $18 per ounce, based on historical averages. However, with current prices ranging between $28 and $29 per ounce, the rate of return could rise to an attractive 43.30%. This potential return has been crucial in generating confidence among investors and the local community regarding the project's viability. Job creation and capital injection into the region are two of the most relevant points mentioned in discussions about the Corani project. Local and regional authorities are waiting for the company to fulfill its promises of investment and employment, as this could be a significant incentive for the economy of Puno, which has faced substantial challenges in recent years. With the start of construction scheduled, Bear Creek Mining is at a crucial stage of its development. The company is committed not only to creating a successful mining project but also to the social responsibility that comes with working in a region with a rich cultural and social history. The challenge will be to balance the extraction of mineral resources with respect for and the well-being of local communities, a task that will require a collaborative and transparent approach. As the mining industry in Peru continues to evolve, Bear Creek Mining's Corani project positions itself as a key element in the future of the sector, offering not only economic opportunities but also a model of how responsible and sustainable mining can be carried out. Expectations are high that, with construction projected to begin in 2025, Corani will not only contribute to the economic development of the region but also become a benchmark for best practices within the mining industry.