Southern Copper plans record capex in 2014 before easing back

|About: Southern Copper Corporation (SCCO)|By:, SA News Editor

Southern Copper (SCCO +3.9%) says it expects record capital expenditures in 2014 as it advances projects that will boost production from its operations in Mexico and Peru.

The miner expects to invest $2.3B in 2014, which would be a 35% increase over the $1.7B spent last year. but then decline to $1.6B in 2015, $900M in 2016 and $500M in 2017, when it wraps up its current expansion program.

The Buenavista mine in Mexico is seen as the main driver of SCCO's increased production this year; the company has been advancing a $3.4B expansion program that will increase the mine's production capacity to 488K tons/year of copper in 2015 from the current 180K tons.

Q4 earnings