MARSA in the crosshairs of Chinese investors: Sale of the gold mine could exceed US$1.4 billion

The sale of Minera Aurífera Retamas S.A. (MARSA), one of Peru’s most significant gold assets, is about to enter a decisive phase. This sale, which could exceed US$1.4 billion, has attracted the attention of various international investors, with Chinese bidders leading the race to acquire the mine owned by the Marsano family. The information was disclosed by Economic Week, who accessed sources close to the negotiations.

The historic surge in the price of gold has been a key factor in accelerating negotiations. With the price of gold exceeding $4,000 per ounce, the appeal of MARSA, located in Pataz, La Libertad, has grown significantly. According to sources consulted by Economic Week, the sale of the mine has already moved beyond the non-binding bids stage, and the deal is expected to be finalized before the April 2026 General Elections, which would make it one of the most relevant transactions in the mining mergers and acquisitions sector in recent years in the country.

MARSA is located in one of Peru's most productive gold-bearing areas, specifically in the Pataz Batholith, a region known for its great potential for discovering new gold reserves. However, its location also presents risks, such as the presence of illegal mining and episodes of violence associated with this activity. Despite these challenges, Chinese companies, with their strong financial backing, have positioned themselves as the main candidates to carry out the purchase.

The Marsano family, which founded the company more than four decades ago, has decided to sell MARSA, the «crown jewel» of its portfolio. Since June 2025, the search for buyers has been led by JP Morgan. While a Russian multinational initially showed interest, that non-binding offer was ultimately withdrawn due to disagreements over the price demanded by the owners.

One of the key aspects that has added appeal to the mine in this negotiation is its high geological potential. MARSA holds 101 mining claims in the Pataz province, which opens the door to future exploration. Furthermore, the National Environmental Certification Service for Sustainable Investments (Senace) recently approved a modification to the mine's detailed Environmental Impact Study, which would allow the project's lifespan to be extended until 2031. With this backing, it is estimated that additional resources could be found, extending the mine's lifespan by up to 15 more years.

Despite the decline in the mine’s production volume since 2021—which fell from over 7 million grams of fine gold that year to just over 5.5 million in 2024— the high value of gold and the area’s potential continue to make MARSA a highly valuable asset. Goldman Sachs’ projections, which anticipate a rise in the price of gold to US$5,000 per ounce in the short term, reinforce the asset’s appeal to investors.

In conclusion, if the deal goes through, the sale of MARSA will mark a milestone in Peruvian mining, not only for the value of the transaction but also for the significance of the mine within the country's gold sector.