Andina

Peru: Tia Maria project to start copper production in 1H 2021

00:00 | Lima, Dec. 13.

Southern Copper Corporation reported that Tia Maria mining project could start operations in the first half of 2021, thus producing 120,000 tons of copper per year.

"Production is planned to start in the first half of 2021 if construction begins in 2019," the company's Vice-President of Finance Raul Jacob expressed. 

It should be noted Southern Copper Corp filed —in November— the removal petition of 14 observations to obtain the construction permit.

"We still have not received an official answer from the Mines and Energy Ministry (…)," he added. 

Jacob pointed out said observations are related to technical issues and not to the area's social license. 

Project 

According to information provided by the company, Tia Maria mining project will generate a further S/215 million (about US$63.7 million) in income tax revenues. 

On a local basis, Arequipa will receive S/5.4 billion (around US$1.6 billion) in canon and royalties over a 20-year period. 

Likewise, Tia Maria will increase Islay Province budget four-fold from S/39 million (about US$11.5 million) to S/139 million (around US$41.2 million). 

(END) RGP/RGP/DTK/RMB

Published: 12/13/2018
Most read