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Home › Dodgy Deals ›
Dodgy Deal
Ariana copper and zinc minePeru

Project – Active

This profile is actively maintained
Profile by:
CooperAcción, Fair Finance International & Red Muqui
Contact:

Kees Kodde, Fair Finance International, kees.kodde@oxfamnovib.nl

Last update: 2026-04-10 00:00:00
The Ariana mining project is located in the area that supplies water for 10 million people in Lima. Photo: CooperAcción

Project – Active

This profile is actively maintained
Profile by:
CooperAcción, Fair Finance International & Red Muqui
Contact:

Kees Kodde, Fair Finance International, kees.kodde@oxfamnovib.nl

Last update: 2026-04-10 00:00:00
Why this profile?

Why this profile?

Lima has over 11 million inhabitants, and as a desert city it has many problems with water supply and is suffering from severe droughts. The area also has periodic earthquakes and seismic activity. The mining industry in Peru and elsewhere has a history of toxic leaks and problems with tailing dams.

So it would be rather reckless to build a copper mine in the middle of the highlands where the lakes and waterways that Limeños depend upon are located.

And yet, this is exactly what the mining company Alpayana is planning to do.

Civil society has been campaigning and litigating against this plan for many years, but now there is a clear and present danger that the project will go ahead, given that the company Alpayana bought the project last year and secured a USD 100 million loan from Banco Santander in August 2025.

What must happen

Banco Santander is the main bank supporting Alpayana. Santander must convince Alpayana to stop the Ariana mining project. The area is too vulnerable and too important for the water supply. Alpayana must cancel the Ariana mine proposal.

About
Sectors Mining
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Agreement
Construction
Operation
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Website https://alpayana.com/en/about-us/

Ariana is an underground copper and zinc mining project located in the district of Marcapomacocha, Junín region, in the central highlands of Peru. It is currently owned by the Peruvian company Alpayana, which acquired it from its previous owner, Southern Peaks, in 2025.

The Ariana mining project is located in the heart of the Marcapomacocha water system, a natural and artificial infrastructure system that is the main source of water for the capital of Peru and the city of Callao, which together have more than 10 million inhabitants. This system supplies around 60% of the water consumed in Lima and Callao during the dry season. It consists of a series of lagoons, canals, reservoirs and high-altitude wetlands (peat bogs or bofedales), as well as the Cuevas-Milloc Trans-Andean Tunnel, built in the 1960s to transfer water from the eastern slopes of the Andes to the coastal area.

According to the water supplier for Lima and Callao (SEDAPAL), the project could have adverse water impacts due to: (1) a reduction in the amount of water collected, due to the interruption of groundwater flows in a porous area; (2) a possible reduction in the quality of the water collected, due to contact with heavy metals from mining operations; (3) affecting the structural integrity of the Trans-Andean Tunnel due to vibrations related to mining operations; (4) the possibility of collapse of the tailings dam, which would be located 100 linear metres from the Trans-Andean Tunnel.

The project has an Environmental Impact Assessment that was approved in 2016, and was supposed to begin operations in 2019. However, thanks to a constitutional appeal filed by a group of Lima citizens that year, the project has not yet entered the operational phase.

The ruling issued by the Constitutional Chamber of Lima in 2025, after six years of legal proceedings, establishes that the project does indeed represent a certain and imminent threat to the fundamental right to drinking water and a suitable environment. Despite this, it does not declare the Environmental Impact Study null and void (which was the plaintiffs' request) but rather calls for a Complementary Environmental Impact Study to be prepared.

In this context, Alpayana, the company that owns several mines in the area, acquired the project in 2025, a clear sign that it intends to go ahead with it despite the questions raised.

Impacts

Impact on human rights and communities

The mine would be located on top of the Transandino tunnel, which supplies 60% of the water for Lima. It is a seismic area and earthquakes happen on a regular basis.

The mine would be located very close to the Marcapomacocha lakes, which supply drinking water to Lima.  

If an earthquake or tailings leak or other toxic leak would happen, the water supply to Lima would be in serious danger. In Peru, already 18 ruptures in tailing dams have occurred since 1952, mostly caused by seismic activity.

Risking the water supply to Lima would infringe the following human rights: right to a clean environment, right to water, right to health.

Source: CooperAcción, ¿Lima sin agua? Informe Ariana, February 2025

Financiers

Alpayana S.A.C. secured a refinancing facility of US$100 million from Banco Santander Perú S.A. and Banco Santander S.A. in August 2025. Source: Profundo, via IJGlobal, and Chambers & Partners.

Institution type
Finance type
Year
Companies

Project sponsor

Alpayana

Mexico
Website
No companies
Governance
Bank policies
The following bank investment policies apply to Ariana copper and zinc mine:
Banco Santander
2025-07-03 00:00:00

Environmental, Social & Climate Change Risk Management Policy

Bank policy
2025-07-03 00:00:00 | Banco Santander
Maps
14369
map_ariana.jpg
center
Ariana Map.
Photo: CooperAccion

 

News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Alpayana impulsará proyectos greenfield y adquisiciones hacia el 2029

2025-10-23 | Rumbo Minero
BankTrack news BankTrack blog Partner news Partner blog

Sentencia sobre el caso Ariana deja en riesgo el derecho al agua de más de 10 millones de personas en Lima y Callao

2025-04-11 | CooperAcción
BankTrack news BankTrack blog Partner news Partner blog

Alpayana adquirió el proyecto Ariana con un plan de inversión de US$ 200 millones

2025-04-03 | Instituto de Ingenieros de Minas del Perú
BankTrack news BankTrack blog Partner news Partner blog

Alpayana acquires the Ariana Project with a US$200 million investment plan

2025-03-30 | Mining Stock Education
Resources
Documents
Images
Videos
2023-12-01 00:00:00

Book “La Mina Ariana y la Amenaza al agua de Lima”

Other document
2023-12-01 00:00:00 | CooperAccion
2021-02-25 00:00:00

Study Lima Sin Agua

Other document
2021-02-25 00:00:00 | CooperAccion
2021-01-12 00:00:00

Analisis de riesgo de la presa de relaves en la mina de cobre y zinc propuesta Ariana

Other document
2021-01-12 00:00:00 | By Steven H. Emerman, Ph.D., Malach Consulting, published by CooperAccion and Earthworks

Pictures of Marcapomacocha, Junín region

2026-04-10
rio_rimac2 rio_rimac1 pueblo_marcapomacocha laguna laguna_marcapomacocha_2 cartel_mina_ariana asentamiento_humano_en_chorrillos aa_hh_cisterna_agua The Ariana mining project is located in the area that supplies water for 10 million people in Lima

Documentary “The threat of Ariana”

2026-04-10 13:33:39
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