https://www.miningweekly.com
Copper|Mining|PROJECT|Projects|Environmental
Copper|Mining|PROJECT|Projects|Environmental
copper|mining|project|projects|environmental

Peru's Southern Copper: global price rally spurring new projects

26th February 2021

By: Reuters

  

Font size: - +

LIMA - Peru's Southern Copper, one of the world's top copper producers, plans to push forward new and pending projects as demand from China and constrained supply helps propel a global price rally, an executive told Reuters on Thursday.

Raul Jacob, the company's vice president for finance, said in an interview the miner hoped to advance development of the sprawling $5.4-billion Chancas and Michiquillay projects under a new government which will come in after elections in April.

Peru is the world's second-largest copper producer after its Andean neighbour Chile, where mining firms have cheered global copper prices hitting near 10-year highs, saying it should provide a windfall to support investment.

"The global market is clearly giving us a moment of opportunity, in which we have the possibility to enter with more production, to carry out the financing of projects without major obstacles," said Jacob.

He said environmental issues in China had led to imports of copper scrap being reduced and replaced by refined copper. "This has pushed prices as high as the levels that we are seeing," he said.

Better growth prospects in the United States and Europe were also supporting prices, he said, while projects in general were taking longer to come online due to regulation. Southern Copper is set to produce some 943 000 t of copper this year.

Jacob added the firm was "very enthusiastic" to revive a proposed $1.35-billion smelter project in southern Peru, although the project had yet to receive the board's blessing.

Work with local communities on the Michiquillay project, which would produce around 225 000 t/y of copper, has been "going very well", he said, while the firm has completed an economic evaluation on the Chancas mine.

Edited by Reuters

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.999 1.058s - 313pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: