Southern Copper Corp. has recently confirmed that the Peruvian government has approved and endorsed the construction permit for the Tía María mining project, which has faced numerous delays and opposition since 2010.
In a statement, the company reaffirmed its commitment to hold construction until conversations with residents from Tambo Valley are resolved. Social responsibility efforts will still be carried out while dialog between the company and the local community continue to answer questions and concerns, the company said.
The mining project, which will be located in the town of Cocachacra, Islay province, will require an investment of US $1.4 billion. The license was granted during a meeting held between the ministers of economy, Carlos Oliva; energy and mines, Francisco Ismodes; the National Society of Mining, Oil and Energy (SNMPE); and mine owners.
Permission for one of the largest mining projects in Peru was granted to the company within a month of the expiration of the Environmental Impact Study (EIA) of Tía María and despite the opposition in recent weeks by regional authorities from Arequipa and areas adjoining the project.
Tía María will be an open-pit mine, with an expected production rate of nearly 120,000 tons of copper per year. Technical studies indicate 638 million tons of ore with an average copper grade of 0.39%.