Southern Copper to break ground on stalled project

Southern Copper’s long-stalled Tia Maria project in Peru is set to break ground by the end of the year or in the first half of 2025, a senior executive told Reuters

Raul Jacob, vice president of Finance at Southern Copper, said “social conditions” had improved after years of protest that have halted the $1.4 billion mine’s development.

“We are fine-tuning details to be able to begin construction towards the end of this year or in the first part of next year,” said Jacob.

“There are no pending licenses, we have all the authorizations and we have not stopped working with the communities.”

The news agency said Peru, the world’s second-largest exporter of copper, is battling to rev up production as it jostles with rival producer the Democratic Republic of Congo and looks to revive a faltering economy after years of political turmoil and unrest.

Tia Maria, in the Islay province of the Arequipa region, is expected to eventually produce 120,000 tons of copper annually.Source: Reuters

Related posts