Tía María would be operating in 2029, according to forecasts by Southern Copper

The copper project Aunt Mariain Arequipawould be operating in 2029 together with The Chancas Y Michiquillayaccording to estimates by Raul Jacob, Vice President of Finance, Treasurer and Chief Financial Officer of Southern Copper Corporation.

“In Peru, we have the three projects that we assume will be operational by the end of this decade, or let’s say, by 2029, we assume that we will have Tía María delivering 123,000 tons for the company, Los Chancas 120,000 tons and Michiquillay 234,00 tons,” he said. the executive in response to a questionnaire released by Marcelo Rochabrún, a Reuters journalist, on the social network Twitter.

Meanwhile, an article published by Bloombergthis past February 2, reported that the company reported a 4.3% drop in copper production last year and expects the decline to continue this year, generating 922,000 metric tons of the red metal in 2022.

According to the portal, that is bad news for a tight global copper market in which covid-affected producers and their supply chains have struggled to meet demand. But Southern Copper it expects to return to richer veins from next year before reaching levels similar to current output from the world’s number one supplier, Codelco.

“After this year, we believe our 2023 production will recover to one million tonnes of copper,” the company wrote in an earnings report late Tuesday.

By the end of this decade, as our organic growth projects mature, we expect to reach the 1.8 million tonne copper production mark.

As is known, Southern Copper is still seeking to obtain the approval of the Peruvian government to begin the construction of Tía María, a project valued at US$1.4 billion, which has not received the green light from the authorities due to social resistance and the environmental impact it could have. .