Southern Copper Corporation on Thursday announced it plans to develop Peru-based projects Tia Maria, Los Chancas, and Michiquillay —worth US$6.7 billion— due to its confidence in President Martin Vizcarra's administration.
"We believe the new administration of President Martin Vizcarra will work to provide equitable investment
conditions, promoting stability, economic growth, and social progress
in Peru," said CEO German Larrea.
"These positive conditions will enable us to develop our Peruvian projects Tia Maria, Los Chancas, and Michiquillay
, with a combined investment of US$6.7 billion," he affirmed according to a document sent to the Superintendence of the Securities Market (SMV).
Once the projects have become operational, they will increase Peruvian copper
production by approximately 500,000 tons.
It will lead to important benefits for shareholders, local communities, the national government, as well as for the regional governments of Arequipa, Apurimac, and Cajamarca.
The company also expects to complete Toquepala expansion project in the second quarter of 2018, thus adding 100,000 tons to its annual copper production
capacity. This will contribute to reaching an annual production of 1.0 million tons by 2019.