CAP plans to invest $650 million this year, the bulk of which will go towards development of its Cerro Negro Norte (CNN) iron ore project in northern region III. The $1.2 billion CNN project is expected to boost CAP's iron ore production by 4Mt/y, and ramp-up is scheduled to begin in May. The company also expects to decide by end-2014 its next mining project, which could be iron ore or copper, or a combination of both.