World number five producer adding 600,000 annual tonnes in six years.
Southern Copper Mining News
The new section of the Toquepala open-pit mine in southern Tacna, Peru, is expected to begin operations in early 2018.
The London Metal Exchange’s three-month copper contract fell as much as 1.4%, the most since Feb. 10, to $4,580 a metric ton.
The fresh collapse dragged main producers down, with BHP Billiton, the world’s largest miner, hitting a decade-low.
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.
The Peruvian government has deployed troops near the Tia Maria copper project, to deal with the deaths of a protester and a policeman over the past week.
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.
German Larrea is purchasing stock in mining unit Southern Copper Corp. (SCCO) to reinforce confidence amid falling metal prices.
Around 15,000 of the total 55,000 licences in effect risk fines and even losing all privileges over the land.
Chinese backers are now behind one-third of all Peru’s new mining investments by value.
The mine is expected to produce 120,000 tons of copper a year during its 20 years of mine life.
Currently China is the second largest producer of the red metal, with an annual output of about 1.6 million tonnes per year.
The South American nation lost the title to China in 2012.
Combined estimate investment exceeds $13 billion, says the government.
Work is likely to restart within the next 90 days, a top government official said following a public meeting with local residents.
The Peruvian copper project, halted in 2011 after clashes between residents and police that left three dead, could began production about a year ahead of schedule.