What motivates INCIMMET to invest in Central America as a mining region?

First, we are motivated by the opportunities we foresee in this region because it has significant mining operations that cannot be overlooked. Second, we feel confident about our strength: We have been operating continuously in Colombia for eight years, which has taught us a little bit of everything, from the nuances of developing mining suppliers, training people, and navigating complex social situations. We are particularly interested in Nicaragua with companies like Calibre Mining, Hemco, and Mako Mining, where we see significant potential to add value.

We know there are service providers and contractors in the region; otherwise, the industry would not advance, but we can offer a comprehensive, innovative, and experienced solution with proven productivity results. We have more than thirty years of experience in the underground mining market, experience in mines of the same scale, and a track record to back us up. Furthermore, many leaders supervising these operations come from Peru or Colombia and are already familiar with how we work, which definitely makes things easier. What are some of the operations where INCIMMET is currently working?

In Colombia, we have established ourselves as a solid alternative in underground mining by working with two big players: Zijin Continental Gold at Buriticá and Aris Mining at Segovia and Marmato mines.

In Ecuador, we started working with Lundin Gold in Fruta del Norte mine by addressing their specific need regarding detonation and explosives handling.

In Peru, we work in six mines for five mining companies: Nexa Resources (Cerro Lindo), Buenaventura (Tambomayo and Orcopampa), Poderosa (Santa María), Minsur (Raura), and Volcan (Romina).

Finally, in Chile, we work for Antofogasta Minerals (El Cachorro), and Compañia Minera del Pacífico (El Romeral). Do you see more cultural alignment between Central America and South America or North America regarding mining practices?

From our experience, Central America tends to look south when seeking a benchmark for its mining development, not to North America. That is precisely where Colombia comes into play. We can pivot from Colombia to Central America, look for regional synergies, and replicate the exact model that worked there. Just as it feels natural to look to Chile from Peru, reaching Central America from Colombia is much easier. There are many cultural and operational similarities with Colombia and the Central American region, something you do not perceive as much from Peru or Chile, even though we are all Latin Americans.

When we entered Colombia, mining was not yet at its current peak, so we had to develop the entire supply chain from scratch, which gave us credibility. Why do you consider Mexico a "world apart" in the region?

Although it has many geological and mineralogical similarities with Peru, giving us an advantage because of our Peruvian origins, Mexico is a different market. Mexico is much more regionalized. While Peru is a smaller country with a large mining industry, Mexico is a vast country with a much larger variety of industries. Thus, each region has its own dynamics, and contractors focus on specific areas. Furthermore, in Mexico, connections are much more critical than in Peru.

The big challenge in Mexico is to reduce the atomization of mining contractors. There, operations are often highly fragmented: several contractors for lateral developments, another for vertical excavations, another for shotcrete, and another for civil works. We can offer a comprehensive solution that covers all of these in a single company, translating into fewer operators, faster processes, and simpler client management. One area that has recently garnered much interest is mine backfill, which we hope will soon turn into a contract. What benefits does having a presence in multiple countries bring?

For us, the benefits are geographical diversification and enhanced risk management. By being more strategic and selective, we can make better decisions, building a solid pipeline that benefits stakeholders and the company's sustainability.

For our clients, the benefits are new formulas for increasing productivity with an experienced and reliable contractor. Since 2024, INCIMMET has been a public company, so we are one hundred percent transparent with our business and take ESG as our daily road map. What are your medium to long-term goals in the region?

We want to manage medium to large-scale operations in Central America and Mexico. We will not try to do everything at once but move step by step with two or three well-structured contracts over the next few years.