Southern Copper’s Tía María to lift local revenue 40%
me-metals: Southern Copper (NYSE, LON: SCCO) said its long-delayed Tía María copper project in Peru will increase regional revenues of Arequipa, where the proposed mine is located, by 40% through royalties alone once production begins in 2027.
According to me-metals cited from mining.com, Speaking at a mining convention the Andean country, Southern Copper Peru’s head of communications, Paul Lostaunau Ramos, said the project will create about 3,500 direct jobs during construction.
The company, a subsidiary of Grupo México, raised the project’s budget this year to $1.8 billion, up from the previously planned $1.4 billion.
“[Tía María] will generate significant or substantial resources for local and regional governments through mining royalties, which we estimate to be 40% more than what Arequipa currently receives,” Lostaunau said.
Located in the Islay province of Peru’s Arequipa region, Tía María has faced years of delays due to local opposition over environmental concerns. Protests between 2011 and 2015 left six people dead and forced the project’s suspension.
The Peruvian government approved the mine in 2019, contingent on social stability, and Southern Copper resumed development in 2024.
Peru is the world’s third-largest copper producer and Southern Copper Peru is the country’s second-biggest, generating 414,000 tonnes in 2024.
source: mining.com
Related News
Top News
twenty-one Minutes ago
