The Ministry of Economy and Finance (MEF) reported that the company Southern Cooper, owner of the Tía María copper mine in Arequipa, will install a refinery for more than US$10 billion once the project has been launched, around 2026.
Speaking to TV Perú Noticias, Minister José Arista said that the new refinery complex would be located in the neighbouring region of Moquegua.
“The owners of Tía María said that if they went ahead with this project, they were planning to build a refinery in Moquegua, possibly in Ilo, with an investment of around US$10 billion,” he said.
Southern expects to have its mine ready before 2027, for which it already resumed construction of the project located in the Tambo Valley in July. The initial investment is US$1.5 billion and it is expected to reach 9,000 direct and indirect jobs in its development.
This is not the only mine that the Peruvian government hopes to unblock. During her trip to China, President Dina Boluarte urged representatives of China Minmetals – parent company of MMG Las Bambas – to resume their Cajamarcan El Galeno project, valued at US$3.5 billion.
Arista is going all out. The head of the MEF is also talking about unblocking La Granja, another US$5 billion project in Cajamarca, owned by First Quantum and Rio Tinto, the latter a regular partner of Chinalco.
“I met with Michiquillay, which is also in Cajamarca, two days ago and they told me that they are also very interested in starting operations as soon as possible, in two or three years, for which they plan to transport all their production through a mineral pipeline that will take them to the coast,” he said about the US$2.5 billion project, also from Southern.
Aunt Maria and PBI in Peru
For the president of the Central Reserve Bank (BCRP), Julio Velarde, the start-up of Tía María will be a significant boost from 2025 and 2026, when the red metal begins to be mined, and even before the cathode refinery is installed.
Speaking to the press, the head of the issuing body emphasized that the company has already complied with all permits and that “it seems that it already has the acceptance of the majority of the community” so that the reactivation of its activities would set a precedent of confidence for its mining peers and other investors.
“I think it can give more confidence to other mining projects and it seems to be achieving that.” […] “It can be said that it already has the acceptance of a large part of the community,” Velarde said.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
