Southern Peaks Mining

What Southern Peaks Mining does

Southern Peaks Mining (SPM) is a privately held Peruvian mining company founded in 2010 and owned by management and the private equity firm Global Natural Resource Investments (GNRI). Until January 2026, SPM operated Compañía Minera Condestable (CMC), an underground copper mine in Mala, Cañete (Lima region), producing approximately 23,000 tonnes of copper equivalent per year from two contiguous IOCG (Iron Oxide Copper Gold) deposits, with gold (12,900 oz) and silver (304,800 oz) as by-products. Following the January 2026 divestiture of 99.1% of Condestable to Rio2 Limited for approximately US$241 million, SPM retains a development-stage copper-zinc project (Ariana Operaciones Mineras) in Marcapomacocha, Junín, with planned capacity of 2,000 tonnes of ore per day, and continues to function as a corporate vehicle with significant cash on hand.

The company's core technology stack centers on underground IOCG mining with dry-stack tailings via a recently commissioned Tailings Filtration Facility (TFF), which lifts water recovery from ~60% to ~90% and supports the 8,400 tonnes per day processing capacity (targeting 10,000 tpd pending EIA approval). SPM has differentiated itself through sustainability infrastructure: 100% renewable energy supply under a Statkraft Peru agreement (AENOR-certified), an underground electric vehicle fleet (BYD, Volvo, JMC trucks and an 80-ton Scania electric truck prototype developed jointly with Enel X Way charging), and a portfolio of ESG certifications including The Copper Mark, ISO 14001, ISO 45001, the Blue Certificate, and Carbon Footprint stars.

SPM's business model is B2B commodity sales of copper concentrate with by-product credits, priced off global metal benchmarks rather than listed pricing tiers, and distributed via direct offtake to international copper smelters and metal trading houses. The company reports a competitive C1 cash cost of US$1.00/lb after by-product credits, a stated mine life to 2039 on 36.5 Mt of proven and probable reserves (82.1 Mt M&I resources), an after-tax NPV of US$710 million (8% discount), and US$1,147 million of cumulative undiscounted after-tax free cash flow over remaining life (all on Condestable as valued prior to divestiture).

Name

Southern Peaks Mining

Legal name

Southern Peaks Mining

Website

https://southernpeaksmining.com

Company type

Private

Founded year

2010

Operating status

Operating

Short description

Southern Peaks Mining was a privately held Peruvian underground copper producer, operator of Compañía Minera Condestable (largest unlisted copper producer in Peru). In January 2026 it sold 99.1% of Condestable to Rio2 for ~US$241M, retaining development-stage Ariana.

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (212220), Other Metal Ore Mining (212290)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Copper mining
• Mineral concentrates
• Underground mining
• Copper concentrate production
• Gold silver byproducts

Headquarters

HQ city

Lima

HQ country

Peru

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Copper Concentrate Sales: Primary revenue stream from selling copper concentrates produced at the Condestable mine, with copper being the main commodity accounting for the majority of revenue.
2. Gold and Silver By-product Sales: Secondary revenue from gold and silver recovered as by-products during copper concentrate processing, contributing to overall mine economics.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Southern Peaks Mining is a privately held Peruvian mining company that extracts, processes, and markets mineral concentrates from underground copper mines. Its primary asset, Compañía Minera Condestable (CMC), operates two contiguous underground mines (Condestable and Raúl) producing copper concentrate with gold and silver by-products at 8,400 tonnes per day capacity. The company also develops the Ariana copper-zinc project in Junín, Peru.

Product overview

Southern Peaks Mining (SPM) operates as an underground copper mining producer in Peru. The company's primary asset is Compañía Minera Condestable (CMC), an underground copper mine with IOCG-type deposits in Lima, currently processing 8,400 tonnes per day with gold and silver as by-products. A planned expansion targets 10,000 tonnes per day. SPM also holds the Ariana Mining Project (copper and zinc) under construction in Junín. A key infrastructure product is the Tailings Filtration Facility, which enables dry-stack tailings management and improved water recovery.

Differentiator

Problem solved

Functional benefit

Products and services

• Compañía Minera Condestable (CMC) Underground copper mine operating two contiguous deposits (Condestable and Raúl) in Cañete, Lima, Peru, with processing capacity of 8,400 tonnes per day producing copper concentrate with gold and silver by-products for sale to smelters and metals trading houses. The mine has NI 43-101-supported reserves of 36.5 million tonnes proven and probable, 82.1 million tonnes measured and indicated resources, mine life to 2039, and an expansion plan targeting 10,000 tonnes per day.
• Ariana Mining Project Copper and zinc deposit under construction in Marcapomacocha, Junín, Peru, with planned processing capacity of 2,000 tonnes of ore per day, developed as SPM's growth pipeline following the 2026 divestiture of Condestable.
• Tailings Filtration Facility (TFF) Dry-stack tailings filtration plant at Condestable with design capacity of 8,400 tonnes per day, increasing water recovery from approximately 60% to approximately 90% and enabling dry-stack tailings storage as part of responsible tailings management.

Quantifiable outcome

• Cash cost C1 of US$1.00/lb Cu after by-product credits (competitive industry benchmark)
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and strategic.

• Statkraft PerucoreStrategic or Co-development PartnerRenewable energy supply agreement under which Southern Peaks Mining operates 100% with renewable (hydropower) energy. This partnership enables SPM to be the first mining company in Peru to operate entirely on renewable energy, certified by AENOR.
• Enel X WaystrategicTechnology or IntegrationPartnership for electric vehicle charging infrastructure in underground mining. Enel X Way provides WayPump 150K charging solution for the first 100% electric truck in underground mining operations in Peru.
• BYDstrategicTechnology or IntegrationStrategic partner providing 35-ton BYD electric truck for underground mining operations as part of electric vehicle pilot program.
• ScaniastrategicTechnology or IntegrationPartnership for design and development of 80-ton capacity truck prototype, first of its kind in the country, now being replicated by other mining companies.
• SLR Consulting (Canada) Ltd.strategicImplementation/ SI/ Consulting PartnerLeading global mining consultancy engaged for NI 43-101 technical reports and mineral resource/reserve estimation for Condestable mine.

Scale indicators10 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Southern Copper Corporation: Peru-headquartered copper mining major operating open-pit and underground mines in Peru and Mexico. The most direct geographic and commodity peer to Southern Peaks Mining, with similar copper concentrate production model.
• Volcan Compañía Minera: Peruvian underground mining company producing zinc, lead, copper, and silver concentrates from polymetallic deposits in the central Peruvian highlands. Directly comparable as a Peru-based underground producer; several SPM executives previously worked at Volcan.
• Hochschild Mining: Peruvian precious metals miner operating underground silver-gold mines in Peru, with diversified underground production. Comparable Peruvian underground operator; SPM's CFO previously held a senior accountant role at Hochschild.
• Pan American Silver: Major silver producer with significant underground mining operations in Peru, Mexico, Bolivia, and Argentina. Closely comparable as a Peru-focused underground miner; SPM's COO previously served as Pan American Silver's Peru country manager.
• Rio2 Limited: Canada-based gold/copper developer that acquired 99.1% of the Condestable mine from Southern Peaks Mining for ~US$241 million in January 2026. A direct peer that now operates the asset previously owned by SPM and represents the obvious comparable in Peru-focused underground mining.
• First Quantum Minerals: Mid-to-large copper-focused miner with operations across multiple jurisdictions producing copper concentrates and cathode. Comparable as a copper-concentrate producer of similar scale to SPM's historical asset profile.
• Hudbay Minerals: Copper-focused mid-tier miner with underground and open-pit operations producing copper concentrate with gold and silver by-products. Closely comparable mine type, product mix (Cu concentrate with Au/Ag credits), and by-product credit cost structure.
• Capstone Copper: Mid-cap copper miner with operating mines in the Americas producing copper concentrates, including from underground operations. Closely comparable mid-tier copper-concentrate business model and Americas geographic footprint.

Broad incumbents

• Glencore: Global diversified mining and commodities trading major with extensive copper and zinc operations, including trading relationships that consume concentrates. Comparable as a broad incumbent in copper trading and a former employer of SPM's COO.
• Freeport-McMoRan: One of the world's largest publicly listed copper miners, with significant underground block-cave and open-pit copper operations globally producing concentrates with gold and silver by-products. Comparable as a major copper concentrate producer of similar product mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/southern-peaks-mining-ltd

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Southern Peaks Mining