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Southern Copper sees Peru approving Tia Maria mine project soon

  • Southern Copper (SCCO -0.4%) CEO Oscar Gonzalez Rocha says he expects Peru's government to approve a revised environmental impact study for the stalled Tia Maria copper project, perhaps during the next two months, but the company is waiting for comments from the government.
  • Earlier today, SCCO reported Q1 net earnings of $323M, down 20.4% Y/Y, on sales of $1.35B, down from $1.62B in year-ago quarter, mainly due to lower metal prices and lower copper sales volume.
  • Q1 copper production rose 9.2% Y/Y to ~165.4K tons, and SCCO expects flat Q2 output and increased production in H2 2014; Q1 copper cash costs rose to $1.87/lb., but could drop to $1.70/lb. in H2.
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