Cementos Pacasmayo, Peru’s second-largest cement company, said on Friday it is planning to invest at least US$300m to develop a phosphate mine and processing plant.
The project would be located in Peru’s northern Piura district, near where the Brazilian mining giant Vale hopes to start production at its own phosphate mine by mid-year 2010.
Both companies expect to export the majority of their processed product, which is used in fertilizer.
Cementos Pacasmayo is controlled by Hochschild Mining, one of the largest silver producers in Latin America, with operations in Peru, Argentina, Chile and Canada.
The mine is not expected to be up and running for at least 3 years.