Peru pulls permit for $1.8B Tia Maria copper mine

Mining04-10 07:09

Peru has revoked Southern Copper’s (NYSE, LON: SCCO) permit for its $1.8 billion Tía María project, forcing a fresh review of one of the country’s most contentious copper developments. The Ministry of...

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Southern Copper resumed development in 2024 after local tensions eased. By October last year, the company calculated the project was 23% complete.\nTía María is expected to begin production by the end of this year or early 2027, delivering 120,000 tonnes of copper annually over a projected 20-year lifespan, though the permit revocation now clouds that timeline.\nBillions in stalled projects\nThe setback reflects broader challenges for the sector, with an estimated $7 billion in copper projects stalled by illegal mining activity, while illicit gold exports could reach $12 billion in 2025, according to the Peruvian Institute of Economics.\nThe move also lands amid political uncertainty, with Peruvians set to elect a new president on Sunday, and Congress following years of instability marked by multiple leadership changes since 2018.\n\nUS pushes to renew ties with Peru ahead of uncertain election\n\nThe outcome could shape foreign relations and investment flows as the US seeks to secure critical mineral supply chains and counter China’s growing influence in the region.\nSouther Copper, controlled by Grupo Mexico, operates the Toquepala and Cuajone copper mines as well as the Ilo refinery in southern Peru.\n\n2026 is shaping to be a key year for Latin America, with resources at the centre of a growing global power struggle, as governments and investors focus on who controls critical minerals and the supply chains behind them. If the region matters to you, don’t miss MINING.COM’s Latin America series tracking the geopolitical forces reshaping it and why markets are increasingly driven by global alliances as much as local politics.\nCountries in the series so far:\n\nBolivia\nChile\nColombia","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626175801","isCrawlerRequest":true}