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Peru: Southern Copper Will Likely Have to Extend 60-day Pause at Tia Maria
Jun. 22, 2015 10:13AM PST
Base Metals Investing Reuters reported that Peru’s energy and mines minister said on Friday that Southern Copper (NYSE:SCCO) will likely need to extend a 60 day hold period at its Tia Maria project, as the company needs to continue building local support for the $1.4 billion project.
Reuters reported that Peru’s energy and mines minister said on Friday that Southern Copper (NYSE:SCCO) will likely need to extend a 60 day hold period at its Tia Maria project, as the company needs to continue building local support for the $1.4 billion project.
As quoted in the publication:
“I think the company has known for some time that it will have to do so,” Rosa Maria Ortiz said in an interview.
Southern Copper, controlled by Grupo Mexico, announced the formal suspension of its already-stalled project on May 15 to quell deadly protests against it.
But Ortiz said she thinks the proposed copper mine might get started in a year if the company and government work closely with communities to clear up concerns over environmental impacts.