LIMA - Southern Copper, controlled by Grupo Mexico, expects its production of the red metal in Peru to bounce 17% this year to 400 000 metric tons, a senior executive told Reuters, driving the firm's overall output growth.
The strong production forecast shows how miners in the Andean country are defying a wider regional trend of falling output, and expectations protests and political uncertainty could hurt the sector - even potentially costing Peru its spot as no. 2 producer globally. Raul Jacob, Southern Copper's vice president of finance, told Reuters in an interview that the strong rebound in Peru would help the company increase overall copper production to 932 000 tons this year, up some 4% versus 2022.
Jacob cited the much-delayed Tia Maria project in Peru where the firm aims to start production in 2026, the Los Chancas project slated for 2030 and Michiquillay in 2032 as driving production higher."In Tia Maria there has been a lot of progress with the project. The animosity has subsided a lot," he said, referring to years of opposition to the project over environmental fears.
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