Southern Copper Corp. is preparing to scale the ranking of global producers by spending more than $10 billion in Peru and Mexico.
Grupo Mexico Mining News
Pan American Silver Corp became the latest company to curtail operations in Mexico due to rising violence and crime.
Southern Copper’s Manager of Technical Services said that the company has been able to knock down previous resistance from local communities.
Southern Copper Corp's chief executive said on Wednesday it had reached a settlement with a company in Peru that blocked development of its $1.4 billion Tia Maria project with a legal injunction.
On the 20th anniversary of the breach of the tailings pond at the Los Frailes mine in Spain, environmental organizations held a press conference to alert the public about the possibility of a similar accident taking place.
The government of new Peruvian President Martin Vizcarra said it would not "impose" mining projects on nearby communities that object to them.
Analysts had forecast a $419 million net profit for the company in the fourth quarter.
Mining investment in Peru is expected to grow 9% this year when compared to 2016, marking the end of a three-year decline than began in 2014, to reach $10 billion next year thanks to these projects.
This is the third strike this year over profit-sharing staged by the company’s unions and it affects Southern Copper's two mines in the country — Cuajone and Toquepala.
Peruvian government is expected to issue a long-awaited construction permit for the mine in the first quarter of 2018.
The indefinite labour action involves 56 unions, which are protesting a government’s proposed reform they see as "anti-workers".
World number five producer adding 600,000 annual tonnes in six years.
The new section of the Toquepala open-pit mine in southern Tacna, Peru, is expected to begin operations in early 2018.
Mexico’s biggest copper producer is leveraging its relatively low debt and strong profit margins to invest more than $4.6 billion expanding some of its mines.
China is currently the top investor in the country's sector, pumping $19.2 billion into several copper, gold and silver projects.
The former president says lack of immediate benefits for communities has driven mining opposition causing the country to lose billions worth of gold and copper projects.
Six people have been killed in anti-mining protests so far this year, including three at last week's clash between police and locals near Las Bambas copper mine.
The company could extend a 60-day pause in effect since late May to allow locals more time to clear up their doubts about the project’s environmental impact.
The move suspends civil liberties, allowing police and troops to enforce curfews in an effort to end two months of fresh violence in Arequipa.
Farmers, anti-mining activists and local leaders have opposed the project for years, claiming it will pollute key waterways for Arequipa, where the mine will be built.
The expansion will boost the capacity of the Peruvian mine's copper concentrator to 120,000 tonnes per day from 60,000.
Minister of the Environment Manuel Pulgar-Vidal said the debated and long-delayed copper mine won’t hurt water supplies as opponents claim.
The contract has been awarded to a consortium headed by Grupo Mexico, the same company responsible of a major toxic spill in Sonora last year.
Figure is based on preliminary assessments of the damage caused to water, flora, fauna, and wildlife, as well as official information on water quality.
The news represents a relief for local authorities, which have seen several projects halted in recent months.