Peru
Sociedad Minera Cerro Verde, S.A.
$50 million
Mining
Project Brief
Not Active
MIGA issued guarantees for $50 million to Cyprus Climax Metals Company (Cyprus) to facilitate the privatisation of a $154 million open-pit copper mine in southern Peru. Cyprus was insured for a portion of its equity investment in the Sociedad Minera Cerro Verde, S.A. As a result of the privatization, employees will have an 8.5 percent ownership in the mine. The guarantees cover the risks of currency transfer, war and civil disturbance, and expropriation.