Peruvian suspension of Tia Maria Copper Mine Construction permit Project Evaluation or duration of 4 months

SMM8, 12 March: the Peruvian Ministry of Energy and Minerals has suspended the grant of a $1.4 billion Tia Maria Copper project construction license to Southern Copper, which will assess the legitimacy of the project and the opposition of local groups over the next four months.

Since mid-July, residents of Valle del Tambo, the nearest town to Tia Maria, have been protesting and striking, and some regional trade unions have joined the protest. And the copper mine concentration area-southern Peru has held protests, resulting in road obstruction in the Cusco area, delays in the departure of ships from the port of Matarani, and a shortage of local gasoline and other commodities.

Opponents had previously said they would go on strike indefinitely until the permit was revoked after the Peruvian government granted a permit to build the project. Because they think the project will disrupt local agricultural production and pollute water sources, although Southern Copper (Southern Copper) has plans to build a desalination plant, they are still opposed.

The project is expected to produce 120000 tons of copper a year and the life of the mine is expected to be 20 years.

The Tia Maria copper mine is an important part of Grupo Mexico's plan, and Raul Jacob5, the company's chief financial officer, said last month that South Copper would also invest an additional $10 billion in the plan to increase copper production from 987000 tons this year to 1.81 million tons in 2026.

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