Southern Copper reportedly commits to investing $8 billion in Peru projects

NYSE-listed Southern Copper will invest US$8 billion across its projects in Peru, according to a report by the La República newspaper in the Latin American country.

The article refers to Southern’s director of operations Jorge Meza’s update on the $1.4 billion Tía María project during the V Southern Mining Framework International Congress.

Construction of the project, located in the Southern Islay province of the Arequipa region, has recommenced after being halted in August as regulators considered complaints from residents and regional authorities related to where the plant would be built.

The project has been halted twice before, in 2011 and 2015, due to fierce opposition by locals. However, Meza said that the company is currently working on a reviewed, basic conceptual engineering plan for the mine.

This plan will be submitted to Southern’s majority owner Grupo México in April for approval. If approved, the plan will be later on presented to relevant authorities and local communities.

In addition to Tía María, Southern is working on the $2.5 billion Michiquillay and $2 billion Los Chancas projects and on expanding its smelter, a refinery in Ilo and the processing plant at its Cuajone mine in order to increase production from 85,000 tonnes per day to 120,000.

@RGNonline