February 20, 2018 / 5:36 PM / 4 months ago

CORRECTED-Peru says Southern Copper wins auction to develop Michiquillay mine

(Corrects to read ‘3 percent royalties’, not ‘3 royalties’ in first paragraph)

LIMA, Feb 20 (Reuters) - Southern Copper Corp won a tender to develop Peru’s Michiquillay copper mine with a proposal to transfer $400 million to the government and pay 3 percent royalties, the government said on Tuesday.

Southern beat out local miner Compania Minera Milpo SAA , which proposed a $250 million transfer with royalties of 1.875 percent, the official Proinversion investment agency said. Ten companies had delivered pre-registration documents for the tender, but only Southern and Milpo presented bids. (Reporting by Teresa Cespedes; Writing by Luc Cohen)

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