Sociedad Minera AUSTRIA DUVAZ was founded on December 14, 1906 by Don Lizandro Antonio Proaño Soto, pioneer of mining in Peru.

The mining district of Morococha since its inception had an exceptional mining wealth that allowed it to exploit high-grade copper ore that did not need treatment at a concentrator plant to produce concentrates. The high grade ore was taken to nearby smelters that allowed it to process the ore for later sale.

In the first decades of the 20th century, a process of denationalization of Peruvian mining began, where Peruvian mining companies sold their shares to Cerro de Pasco Copper Corporation. Later in 1952 the Cerro de Pasco Copper Corporation manages to have a 33% stake in Sociedad Minera AUSTRIA DUVAZ. This same participation was later purchased by the heirs of Don Lizandro Proaño to consolidate the company back into the hands of the family.

In 1977, a profit plant of 300 metric tons per day (TMD) was acquired from Sociedad Minera Puquicocha for a value of US $ 1.4 million. This allowed the company to produce copper, lead and zinc concentrates and then be sold to the La Oroya smelter. At the same time, a successful exploration program was developed to increase the capacity of the concentrator plant to 400 TMD in 1987 and up to 600 TMD in 1997.

In 2014, the increase in mineral prices allowed the development of a successful drilling program that increased reserves. The largest reserves led to the development of a series of investments in mines, plants and tailings that allowed increasing the capacity of the mine to 1,000 TMD.

The development of the Madam Elvira project is currently being evaluated to be put into operation by the middle of this year 2018.