Mining Giants Eyeing Growth: Southern Copper’s Optimism in Peru Mine and Glencore’s Argentina Copper Stake Talks
Southern Copper Corp. is seeing encouraging prospects for the development of the Tia Maria copper mine in Peru’s coastal mountains, as sociopolitical tensions in the region begin to ease. Despite previous challenges in gaining support from local communities, recent progress has boosted the company’s confidence in the $1.4 billion project, which could mark a significant breakthrough in a region where mining industry relations with isolated rural communities have been complex. The Tia Maria project is a crucial component of Southern Copper’s $15 billion project pipeline for the current decade.
Meanwhile, Glencore Plc is engaged in advanced discussions to acquire a stake in Argentina’s Mara copper project, driven by the company’s strategic goal of increasing its exposure to the metal. Glencore is close to finalizing a deal to purchase Pan American Silver Corp.’s 56% stake in the project. The global surge in copper demand, particularly driven by the shift towards greener technologies, has spurred significant dealmaking in the industry. Notably, other major players like Rio Tinto Group and BHP Group have also secured substantial transactions in this dynamic market. Glencore’s interest in bolstering its copper holdings has led it to explore various avenues, including an attempted acquisition of Teck Resources Ltd.