Canadian firm Hudbay Minerals has agreed to buy a series of mining properties in southern Peru near its Constancia copper mine.
The move will see the Canadian company expand its footprint in Peru.
As part of the deal, Hudbay now has the option to buy a 100% interest in the Caballito and Maria Reyna mining properties from a private Peruvian consortium.
The company will also acquire 100% of the Kusiorcco mining properties from Vancouver-headquartered Panoro Minerals.
The Caballito property is 3km north-west of the Constancia mine and is the site of the former Katanga mine, which produced copper oxide on and off since the early 1900s to the early 1990s.
The 5,850ha Maria Reyna property is located within 10km of Constancia and diamond drilling by a previous operator of the property resulted in a copper skarn-porphyry discovery.
It is understood that the property remains very prospective for additional discoveries. The site has undergone geophysical surveys and geological mapping.
The Kusiorcco property is located 7km away from the company’s mine, and is a 3,962ha concession block nearby the Caballito and Maria Reyna properties.
According to Hudbay, it would now focus on permitting, community relations and technical activities to access and conduct drilling activities on the concessions.
The company then expects to provide further details on the exploration plans for these properties later in the year.