Southern Copper Corporation (NYSE:SCCO) agreed to acquire Michiquillay project in Cajamarca for $400 million on February 20, 2018. Southern Copper Corporation entered into an agreement to acquire Michiquillay project in Cajamarca on June 12, 2018. The transaction includes an annual royalty of 3% on net sales. Southern Copper Corporation made an initial payment of $12.5 million for the acquisition on June 12, 2018. As of October 24, 2018, the board of Southern Copper Corporation approved the transaction.