Mining company Southern approved an investment of US$2.6 billion to complete expansion of Toquepala mine, build Tia Maria project, both in Peru, and finance expansion of Buenavista in Mexico.
The company’s Board of Directors has approved the 2015 capital expenditure program of US$2.6 billion aimed at concluding the expansion of Buenavista mine, which production capacity will reach 488,000 tons of copper per year.
The investment will also support expansion of Toquela copper mine in Peru, which annual production capacity will increase to 100,000 tons a year.
In addition, the initiative will fund the construction of Tia Maria, the company’s new project in Peru, expected to produce 120,000 tons of copper a year.
Southern Copper Corporation informed the 2014 capital expenditures totaled US$1.5 billion from a US$2.3 billion budget, due to the delay in expansion programs of Buenavista and Toquepala.
“In 2015, we will continue with our investment program to increase copper production capacity by 89% from 617,000 tons in 2013 to 1,165,000 tons in 2018," said Chairman of the Board of Directors German Larrea.
“We are pleased to announce that Tia Maria and Toquepala’s environment impact assessments were approved in 2014, and we are working to ensure completion is achieved, since they will add 220,000 tons of copper and 3,100 tons of molybdenum a year to our production capacity,” he added.
(END) JJN/JJN/RMB/MVB
Published: 2/4/2015