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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