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Peruvian copper producer Southern Copper, controlled by Grupo Mexico, plans on Monday to restart development of the long-postponed Tia Maria project, according to an internal document seen byThe Tia Maria mine, in the Islay province of Peru’s Arequipa region, has been on hold for years amid community opposition over fears of the mine’s environmental impact. Protests against the mine left six people dead between 2011 and 2015.that the $1.
In 2019, the Peruvian government agreed with Southern Copper that development of the project could proceed when there were adequate social conditions. Jacob toldThe mine is eventually expected to produce 120,000 tons of copper annually. Peru is struggling to accelerate its copper production, after Democratic Republic of Congo displaced it as the world’s second largest copper producer in 2023.Vedanta now needs to follow the court ruling by releasing $250 million to settle debts that KCM owes to contractors and suppliers.For all the money that’s poured into Argentina’s giant lithium deposits, the country has seen just one new mine come on stream in almost a decade. That’s about to change.
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