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CAPITAL EXPENDITURE IN THE LA GRANJA MINING PROJECT GROWS TO MORE THAN US$ 2,400 MILLION

Lima, April 4, 2023 - The public company Activos Mineros SAC (AMSAC) signed with Rio Tinto an amendment to the contract for the transfer of the La Granja mining project, located in the district of Querocoto, province of Chota (Cajamarca) with the intervention of PROINVERSIÓN, Rio Tinto Western Holdings Limited and First Quantum Minerals Ltd.

AMSAC's general manager, Antonio Montenegro, said that initially the capital expenditure of the La Granja project (Capex) amounted to approximately US$ 2,000 million, but with the signed amendment, it has increased to more than US$ 2,400 million, making it a world-class project.

Prior to the execution of the amendment, Rio Tinto informed of the agreement reached with First Quantum Minerals Ltd. for the latter to acquire a stake in the project as a strategic partner and to carry out the feasibility study. This ensures the continuity of the project and guarantees its execution.

The executive director of ProInversión, José Salardi, said that the signing of the amendment is very important because it increases investment in the mining sector, which is necessary nowadays. "With this, Peru continues to guarantee its future, because it will result in an increase in mining production, increased exports and higher income for the country," he added.

As part of the agreements for entering into the amendment, Rio Tinto paid US$ 16.3 million, of which 50% (approximately US$ 8 million) will be allocated to the La Granja Social Fund, which will, directly and indirectly, benefit the local communities.

It should be recalled that in 2006 PROINVERSIÓN, through a private investment promotion process, awarded the La Granja project to the Rio Tinto mining company. The incorporation of First Quantum will jointly finance the operating and capital costs of the feasibility study and development of the project.

The amendment was signed by the general manager of AMSAC, Antonio Montenegro; the general manager of Rio Tinto, María Alejandra Delgado with the intervention of the executive director of PROINVERSIÓN, José Salardi; the Corporate Affairs Manager of South America at First Quantum, Jorge Benavides; and the representative of Rio Tinto Western Holdings Limited, Miguel Grau.

Source: Press Release - PROINVERSIÓN