Representatives from Compañía de Minas Buenaventura and ProInversión have signed the concession contract for the El Algarrobo water-mining project, marking a significant step toward sustainable development in the Piura region. The initiative prioritizes water access for the Locuto community (Tambogrande, Piura) before advancing an underground polymetallic mining operation focused on copper, zinc, and silver.
In December 2024, ProInversión awarded Buenaventura the project. The initial phase focuses on reaching a Social Agreement with the community before proceeding with exploration. If successful, construction will require an estimated $480 million, with additional investments potentially bringing the total to $759 million. Over 10 years of production, cumulative investments—including operating expenses—could reach $2.7 billion.
“We are guided by the principle of ‘water first, mine later,’” said Aldo Massa, Vice President of Business Development and Marketing at Buenaventura. “By prioritizing water access, we aim to support local agriculture and improve the quality of life for thousands of Piura families before mining operations begin.”
The Tambogrande district has the lowest Human Development Index in Peru and has long struggled with access to potable water for human consumption and agriculture. El Algarrobo seeks to bridge this gap, generating employment, improving living conditions, and strengthening essential services such as education and healthcare. The project is also expected to bolster the regional economy, boost agricultural productivity, and reinforce Peru’s standing in the global mining industry.
The first phase, already underway, focuses on community engagement and technical research to assess water resources. This data will shape solutions to supply water for local consumption, agriculture, and livestock farming. Only after securing a social license and completing the water-focused phase will exploration for the underground copper mine commence, adhering to stringent technical and environmental standards.
Key officials present at the signing included José Salardi, Minister of Economy and Finance; Henry Luna, Vice Minister of Mines; Rosangella Barbarán, Chair of the Special Multiparty Commission of ProInversión; and Luis del Carpio, Executive Director of ProInversión.
The agreement underscores Buenaventura’s commitment to responsible mining, working transparently with local authorities and communities to drive sustainable development, strengthen agriculture, and demonstrate that mining—when managed responsibly—can be a catalyst for regional progress.