The Andean country is struggling to accelerate output as in 2023 the Democratic Republic of the Congo took away its place as the world's second largest copper producer.

Southern Copper's long-stalled Tía María copper project in Peru will begin construction by the end of the year or during the first half of 2025 at latest, a senior company executive told Reuters, marking a breakthrough for the mine's US$ 1.4 billion investment.

Raúl Jacob, vice president of finance at Southern Copper --Peru's third largest copper producer, controlled by Grupo México-- said that "social conditions" have improved after years of protests that have slowed the development of the deposit in the south of the country.

"We are fine-tuning details to be able to begin construction towards the end of this year or in the first part of next year," said the executive, giving an estimate start date for the project for the first time in years.

"There is no pending license, we have all the authorizations and we have not stopped working with the communities," he added.

Peru, one of the world's second largest exporter of copper, is struggling to accelerate production after in 2023 the Democratic Republic of the Congo took over the second place as the largest global producer of the metal.

The Andean country is thirsty for capital and mining is key to its economy, which fell into recession in 2023 due to the effects of weather, social conflicts and a decline in investment.

Tía María, in the Islay province of the Arequipa region, will produce 120,000 tons of copper annually, according to the company.