Andina

Tia Maria project to generate US$150 million in annual royalty revenue

La minera Southern Peru reanudará sus talleres informativos sobre el proyecto Tía María, Arequipa.

La minera Southern Peru reanudará sus talleres informativos sobre el proyecto Tía María, Arequipa.

09:41 | Lima, May. 19.

Tia Maria copper mining project, located in Islay province (Arequipa), will generate US$150 million royalty revenue annually and US$700 million in exports, Deputy Minister of Mines Romulo Mucho estimated.

The copper project will have a production capacity of 120,000 tons of copper cathodes annually, which in turn will result in US$700 million in exports.

“In this sense, the royal revenue could be between US$100 and US$150 million annually,” the former President of the Peruvian Institute of Mining Engineers stated.

The copper mine involves an investment of about US$1.4 billion and its production would account for 6% of the national production of copper. 

“Even though this is a medium-sized project, if compared with high production mines such as Las Bambas (Apurimac) and La Granja (Cajamarca), its production is highly important for the development of Arequipa region,” he told Andina news agency.

Tia Maria mining project is expected to provide direct jobs to 3,500 people during its contrition phase.

The operation phase would create 764 direct and 5,000 indirect jobs.

(END) RGP/JJN/RMB/MVB

Published: 5/19/2015
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