Copper miner to invest $2.5BN in Peru

Photo by Southern Copper
Photo by Southern Copper

South American project Southern Copper has won the bidding process for the Michiquillay copper project in Peru. The company proposed a price of $400 million in the tender. 

 

The Michiquillay mine has mineral resources of 1.15 billion tonnes  and a copper grade of 0.63%. The project is to produce 225,000 tonnes of copper per year. The investment is expected to be worth about $2.5 billion, according to data released by Southern Copper.

 

"Michiquillay will start production in 2025 to become one of the largest copper mines in Peru," the company said in a statement.

 

Southern Copper is listed on the New York Stock Exchange and the Lima Stock Exchange. Grupo Mexico owns a 88.9% stake in the company. Southern Copper says it operates mining units and metallurgical facilities in Mexico and Peru, and performs exploration activities in Mexico, Argentina, Chile, Ecuador and Peru.