At current copper prices, the miner aims to export US$17.5 billion and contribute US$3.4 billion in taxes and royalties during the first 20 years of operation.

Southern Copper said on Tuesday that after a "careful and detailed review" it had raised its budget for its Tia Maria copper project in Peru's southern Arequipa region to $1.802 billion from an earlier estimate of $1.4 billion.

Southern Copper, controlled by Grupo México, announced construction of its US$1.4 billion Tía María project in July last year, after years of delays due to opposition from a nearby community that is wary of the mine's environmental impact.

In addition, in this project the company will use state-of-the-art LESDE technology with the highest international environmental standards, to produce 120,000 tons of LESDE copper cathodes per year.

"Tía María will generate significant revenues for the Arequipa region from day one of its operations. At the current copper price, we expect to export US$17.5 billion and contribute US$3.4 billion in taxes and royalties during the first 20 years of operation," Southern Copper said in its fourth quarter 2024 earnings report.

This year, the mining company hopes to begin construction of Tía María. Work will begin with the construction of roads and access points to the project, as well as railroads; installation of a temporary camp; earthmoving, as well as mine clearance activities. "To date, we have made progress in installing and delimiting the property with a 59-kilometer living fence," he noted.

As of December 31, 2024, the company has generated more than 614 jobs, 492 of which have been filled by local applicants. In addition, to the greatest extent possible, the miner intends to fill the estimated 3,500 jobs that will be required during the construction phase of Tía María with workers from Islay province. "When we begin operations in 2027, the project will generate 764 direct jobs and 4,800 indirect jobs," Southern Copper said.