Question 1

What is Cooperativa Cuajone?

Accepted Answer

Cooperativa Cuajone is a savings and credit cooperative (Cooperativa de Ahorro y Crédito or COOPAC) based in Moquegua, Peru. Operating as a Level 2 financial cooperative with assets between 600 and 65,000 UIT (Unidad Impositiva Tributaria), the institution serves members primarily associated with the mining community in southern Peru.

The cooperative specializes in providing financial services to workers and residents connected to the Cuajone copper mine, one of Peru's largest mining operations. As a member institution of FENACREP (National Federation of Savings and Credit Cooperatives of Peru), Cooperativa Cuajone operates under the cooperative principles of mutual aid, democracy, equality, and solidarity.

Question 2

When was Cooperativa Cuajone founded?

Accepted Answer

Cooperativa Cuajone was founded on October 2, 1977, shortly after the Cuajone copper mine officially opened in November 1976. The cooperative was established to serve the financial needs of mining workers and their families in the remote mining settlement of Villa Botiflaca in Torata, Moquegua.

The institution evolved from serving primarily mine workers to becoming a broader community financial service provider. In February 2019, the cooperative achieved formal registration with Peru's Superintendencia de Banca, Seguros y AFP (SBS) under registration number 000059-2019-REG.COOPAC-SBS, bringing it under official regulatory supervision.

Question 3

Where is Cooperativa Cuajone headquartered?

Accepted Answer

Cooperativa Cuajone maintains its legal headquarters at Calle Piura No. 299, Cercado de Moquegua in Moquegua city, the capital of Moquegua Region in southern Peru. However, its principal operations center is located at Villa Botiflaca Nro. CD38 Int. D-6, Asentamiento Minero in the Torata district, which is the mining settlement associated with the Cuajone mine.

Moquegua is situated in the southern highlands of Peru, approximately 1,050 kilometers south of Lima. The region is known for its significant mining operations, particularly copper production.

Question 4

Where does Cooperativa Cuajone operate?

Accepted Answer

Cooperativa Cuajone primarily operates within the Moquegua Region of Peru, with a particular focus on the Mariscal Nieto Province. The cooperative's main service area encompasses the mining communities around the Cuajone copper mine in Torata district.

The institution serves members across Moquegua city and the surrounding mining settlements, providing accessible financial services to communities in this southern Peruvian region. The cooperative's operations are concentrated in areas where traditional banking services may be limited due to the remote, mountainous terrain.

Question 5

What services does Cooperativa Cuajone offer?

Accepted Answer

Cooperativa Cuajone offers a range of financial services typical of Level 2 COOPAC institutions, including:

Savings Products: Members can access savings accounts (ahorro libre), term deposits (depósitos a plazo fijo), and other deposit instruments that help members build financial security.

Credit Services: The cooperative provides various loan products including consumer loans, microenterprise loans, and small business financing to support members' personal and business needs.

Member Services: As a cooperative, the institution distributes annual surpluses to members, offers preferential rates, and provides financial education to promote member financial literacy and cooperative values.

Digital services and online banking capabilities are developing within the Peruvian COOPAC sector, though specific details about Cooperativa Cuajone's digital platforms are limited in public information.

Question 6

What makes Cooperativa Cuajone unique?

Accepted Answer

Cooperativa Cuajone is distinctive as a mining community-focused financial cooperative. Founded to serve workers at the Cuajone copper mine—one of the world's largest copper reserves—the institution has deep roots in Peru's mining sector.

The cooperative operates in a challenging environment, serving a community in a remote mountainous region at high altitude. This specialization in mining community finance gives the institution unique expertise in understanding the financial needs and cycles of mining workers and their families.

As an affiliate of FENACREP, Cooperativa Cuajone adheres to cooperative values of mutual aid, responsibility, democracy, equality, and equity. The institution emphasizes community solidarity and participatory governance, allowing members to vote on institutional decisions and elect representatives.

Question 7

What type of financial institution is Cooperativa Cuajone?

Accepted Answer

Cooperativa Cuajone is classified as a Cooperativa de Ahorro y Crédito (COOPAC), which is a savings and credit cooperative. In Peru's financial system, COOPACs are member-owned financial institutions that operate on cooperative principles rather than as profit-maximizing commercial entities.

Specifically, Cooperativa Cuajone is a Level 2 COOPAC under Peru's regulatory framework, meaning it has total assets between 600 and 65,000 UIT (approximately USD 180,000 to USD 19.5 million). Level 2 cooperatives are subject to prudential regulation and supervision by the SBS through a technical collaborator model.

The institution is supervised by Peru's banking regulator (SBS) through the Superintendencia Adjunta de Cooperativas (SACOOP) and operates under the regulatory framework established by Resolution SBS No. 540-99 and subsequent modifications. Unlike banks, COOPACs only serve their members and do not operate with public funds.

Question 8

What regulatory protections apply to Cooperativa Cuajone members?

Accepted Answer

As a Level 2 COOPAC registered with the SBS, Cooperativa Cuajone operates under the prudential regulatory framework established by Peru's banking supervisor. Members benefit from oversight that includes requirements for risk management, capital adequacy, liquidity ratios, and credit portfolio quality standards.

The cooperative must maintain proper internal controls, undergo external audits, and submit regular financial reports to the SBS. However, it's important to note that deposits at Level 2 COOPACs are not covered by Peru's general Deposit Insurance Fund (Fondo de Seguro de Depósitos) that protects bank deposits.

Members' rights and protections are governed by Peru's General Law of Cooperatives and SBS regulations specific to savings and credit cooperatives. The cooperative governance structure allows members to participate in assemblies and elect leadership, providing direct democratic oversight of the institution's operations.

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