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Southern Copper to invest US$2.5B in Michiquillay development

Southern Copper Corp. said. Feb. 21 that it estimates a capital investment of about US$2.5 billion for the Michiquillay copper mine in Peru.

The project is expected to produce 225,000 tons of copper per year, for an initial mine life of more than 25 years, with production expected to begin in 2025.

Grupo México SAB de CV-owned Southern Copper recently won a tender to develop the Michiquillay mine. The company offered a transfer of US$400 million to the government and the payment of 3% royalties in its proposal, beating Cía. Minera Milpo SAA's offer of US$250 million in transfers and 1.875% in royalties.

Southern Copper now intends to work with the communities in the area and the Peruvian government to reach a social agreement to advance the project.