【Ferro-Alloys.com】According to local media in Peru, Southern Copper Corporation announced that it will invest US$8 billion in the country’s multiple projects in the country, including Tia Maria.

In August 2019, the regulatory agency decided to suspend the development of the project due to the evaluation of the residents and regional authorities' objections related to the location of the project. Because local residents and regional authorities believe that the environmental impact of the project and the open-pit mine may damage crops and water supply.

In October 2019, the Tia Maria project on Islay Island in the southern area of ??Arequipa was approved for continued development at a total cost of approximately US$1.4 billion.

However, this is not the first time the project has been opposed. Due to strong opposition from the locals, Southern Mining stopped its construction plans in 2011 and 2015.

However, as the Peruvian presidential election approaches, the topic of the project has become the top priority of some candidates' agendas, and they have expressed their opinions for or against.

Southern Copper Operations Director Jorge Meza said that the company is currently formulating relevant basic engineering plans for the mine, with the goal of submitting it to the Mexican Group’s board of directors for approval in April this year. If approved, the plan will be submitted to the relevant authorities and local communities later.

At the end of February, Reuters reported that due to rising copper prices and still tight supply, Southern Copper will seek to promote several new and pending projects in the country.

Since the beginning of this year, copper prices have continued to rise, and global supply is still tight. Southern Copper’s vice president of finance Raul Jacob said in an interview, “Later this year, the development of huge US$5.4 billion copper projects, including Chancas and Michiquillay, will be promoted. Copper mine project."

The executive added that the company, as one of the world's top copper miners, has also resumed the proposed $1.4 billion smelter project (Tia Maria) in southern Peru, but the project has not yet been approved by the board of directors.

According to reports, the mine life of the Tia Maria open-pit mine is about 20 years, and the annual output is expected to be 120,000 tons. It is expected that the project will create 3,500 job opportunities during the construction phase, and 600 direct and 2,000 indirect jobs during the operation phase.

In addition to Tia Maria, Southern Copper, a subsidiary of the Mexican group, is also conducting research and development on the US$2.5 billion Michiquillay project and the US$2 billion Los Chancas project, and plans to expand its smelter and refinery in Ilo, as well as in Moquegua. The Cuajone mine processing plant increased its single-day production capacity from 85,000 tons to 120,000 tons. 

• [Editor:zhaozihao]