Peru
Magma Tintaya S.A.
$24 million
Mining
Project Brief
Not Active
Magma Copper Company received $24 million in MIGA coverage for its investment in the privatization of a copper mining and concentrate company, Empresa Minera Especial Tintaya, S.A. (Tintaya), in southeastern Peru. The enterprise will be 98.4 percent owned by Magma, and mine employees will own the remainder.
Magma will provide specialized technical, financial, and marketing expertise to Tintaya. MIGA insurance covers Magma against the risks of currency transfer, expropriation, and war and civil disturbance.
The project will stimulate local enterprise and create additional employment through local procurement of many of the processing inputs, including sulfuric acid, fuel oil, and electricity.