Southern Copper Corp. is expressing a newfound sense of optimism regarding its long-fought battle to construct a copper mine in the coastal mountains of Peru. The Tia Maria project has faced vehement opposition from local communities for years, leading to protests and political resistance. However, recent developments indicate progress in the company’s efforts to garner support from the affected communities.
Formerly labeled as a non-starter by former President Pedro Castillo, the $1.4 billion Tia Maria project holds significant importance for Southern Copper’s expansion plans in Peru. Building this project would mark a significant breakthrough in a nation where the mining industry often faces strained relations with rural communities.
Speaking on an earnings call, Chief Financial Officer Raul Jacob shared the company’s increased optimism compared to the previous year. The successful realization of the Tia Maria project would be an integral part of Southern Copper’s $15 billion pipeline of projects planned for the current decade.
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