SYDNEY, AUSTRALIA: Inca Minerals (ASX: IGC), known for its Riqueza project in Peru, has announced the shutdown of its operations in the country due to high costs and complex regulations, a news announcement noted.
Despite 18 months of seeking funding partners, no successful agreements were reached. The company will now focus on its Australian exploration projects, citing the move as a strategic effort to manage expenses more prudently.
The Riqueza project, once seen as a potential site for Tier 1 deposits, will be put up for sale, along with other company assets in Peru. This decision comes after Inca’s efforts to re-engage with local communities and fulfill environmental rehabilitation commitments, which have been positively received and are nearing completion.
The cessation of operations in Peru is expected to significantly reduce Inca’s monthly expenditures, allowing for a reallocation of funds towards priority explorations in Australia. The company’s board believes this step is essential for Inca’s sustainable growth and financial stability.