Southern Copper says to put about $2.5bn into Michiquillay mine

Southern Copper will invest about $2.5-billion in Peruvian copper project Michiquillay, with production of 225 000 t of copper per year expected to start in 2025, the company said in a statement on Wednesday. Southern Copper won a tender to develop the mine on Tuesday, in an auction that attracted just two bidders. The government had expected investment of around $2-billion would be needed.