- Strong demand from China for copper and an economic recovery in other parts of the world should help keep copper prices firm next year, Southern Copper (NYSE:SCCO) CEO Oscar Gonzalez Rocha says, expecting copper to average $3/lb. next year vs. this year’s likely average of $3.11.
- SCCO's profits in the first nine months reached $985M, and the CEO says net income could end the year at ~$1.3B, which would be down from full-year 2013 net income of $1.6B; he expects to produce 780K tons of copper next year, with increased output from Mexico, vs. ~660K tons expected this year.
- Gonzalez Rocha also says SCCO should receive permits this month to start construction on the $1.4B Tia Maria project in Peru, and that the mine will be running by late 2016 or early 2017, eventually adding 120K tons/year of copper.