Tia Maria copper mine advances as Peru copper pipeline grows

Tia Maria copper mine

The Tia Maria copper mine has reached a key milestone, with construction 23pc complete and production targeted for 2027. Southern Copper views the Tia Maria copper mine as a cornerstone of its Peruvian growth strategy. As a result, the Tia Maria copper mine could become a major new source of copper supply in a tightening global market.

Tia Maria copper mine moves toward 2027 start-up

Southern Copper has completed most access roads and platforms, and will soon begin pre-stripping at La Tapada, the main pit. The $1.8bn project is designed to produce 120,000 t/yr of copper once fully ramped up. Peru’s energy and mines ministry recently approved the production permit, clearing a major regulatory hurdle.

Over the first 20 years of operation, Southern Copper expects about $18.2bn in export revenues at current prices. The mine should also generate around $3.8bn in taxes and royalties, reinforcing its fiscal importance for Peru. Therefore, Tia Maria sits at the intersection of corporate growth, export earnings and regional development.

Southern Copper deepens its Peruvian copper portfolio

While Tia Maria advances, Southern Copper’s existing Peruvian open-pit mines face short-term headwinds. Third-quarter production from Toquepala and Cuajone fell by 8.4pc and 5.6pc, respectively, leading to a 7.3pc quarter-on-quarter decline. This context increases the strategic value of bringing new assets like Tia Maria on stream.

Beyond Tia Maria, Southern Copper is building a multi-asset pipeline in Peru. The Los Chancas project, backed by $2.6bn in investment, is expected to start in 2030–2031 and produce 130,000 t/yr of copper and 7,500 t/yr of molybdenum. However, the company must first regain full control of the project area from illegal miners. Michiquillay adds further growth, with planned output of 225,000 t/yr of copper from 2032 and a $2.5bn capital plan. Together, these projects position Southern Copper as a long-term anchor of Peruvian copper supply.

The Metalnomist Commentary

Tia Maria’s progress shows how long-gestating copper projects are finally moving toward execution in Peru. For Southern Copper, synchronising Tia Maria with Los Chancas and Michiquillay turns the country into a multi-decade growth platform. The key risk now lies less in geology and more in social, permitting and security dynamics around these high-profile assets.