Gold price up over 1%, closing in on new record
Bullion is now 18% higher for the year, boosted by anticipation of Fed loosening as well as significant buying by central banks.
US miner Southern Copper (NYSE, LON: SCCO) announced it will be able to restart work at its $1.4 billion Tía María copper project near Arequipa, Peru, which has been suspended since 2011 due to opposition from nearby communities concerned about the mine’s use of water.
On grating the final approval, the country’s Mines and Energy Ministry said, according to El Economista (in Spanish), that the resubmitted environmental impact study for the mine, one of the biggest projects planned in Peru, complied with all the demands brought forward by locals and environmentalists.
Southern Copper, one of the world’s biggest producers of copper, had previously said that, if construction were to start in the second half of the year, the Tia Maria mine could begin production in two years, with an average output of 120,000 tons of copper a year during its 20 years of mine life.
Peru’s government forecasts the country will produce 2.8 million tons of copper a year by 2016, about double its current production as a number of new projects come on stream.
Image from archives.
Comments
Sergio Pastor, Geologist,
I am glad that finally,Tia Maria can start to work; Peruvian must keep an open mind!! environmental and social risks are translated into business costs and decision to move MONEY that create JOBS for “natives and comuneros” in the country or leave
the country “Clear thinking ” analysis of the costs of doing business and conflicts in the host country provides sustainability professional and/or strengthened basis to influence corporate decision making, particularly when linked to corporate values.
Peru is fortunate to have a rich natural resources in a favorable geological environment but we are not along in the world….West Africa is opening up for mining