Grupo México provided details on the progress at the Tía María mine in Peru, where it has invested 693 million million dollars.
Southern Copper’s Tía María copper project requires an investment of 1,800 million dollars. The project will be financed through bonds. Moreover, it is projected to produce 120,000 metric tons of refined copper annually starting in 2027. Additionally, it is expected to generate $24.1 billion in exports over 20 years.
Tía María will generate significant revenue for the Arequipa region from the very first day of operations. At current copper prices, the company expects to export $20.2 billion. In addition, it will contribute $4.6 billion in taxes and royalties during the first 20 years of operation.
Progress at the Tía María Mine
Peru is one of Latin America’s leading producers of gold, silver, tin, copper, lead, and zinc. Mining is a strategic sector for the Peruvian economy. In 2024, it accounted for 9.0% of the Gross Domestic Product (GDP). Furthermore, minerals lead the country’s exports. They represented 63.2% of the total export value in 2023 and 62.9% in 2024.
This development project, located in Arequipa, Peru, will utilize state-of-the-art technology for an ESDE plant that meets the highest international environmental standards to produce 120,000 metric tons of leached copper cathodes per year.
Grupo México expects to begin operations at Tía María in the second half of 2027. At the end of the second quarter of 2026, progress at Tía María stood at 42%. Also, 5,817 new jobs were created, of which 1,254 were filled by local candidates.
Project Investments
To the extent possible, Grupo México intends to fill the 6,000 jobs it expects to create during the construction of Tía María. The company will give priority to workers from the province of Islay.
As of June 30, 2026, the company has committed $1,101 million to various project activities, of which $693 million has already been invested.
In addition, 13.85 million metric tons of material were moved from the La Tapada deposit through large-scale earthworks. Furthermore, most of the purchase orders for major equipment have been issued. Regarding the ESDE plant, orders were placed for the main equipment of the state-of-the-art processing plant.
Regarding power supply, electromechanical work is underway at the main electrical substation, and the 220-kV transmission line is under construction.
At the same time, large-scale earthwork for grading the main components of the project’s dry and wet areas is in its final phase. This work will lay the groundwork for civil construction in the main areas of the secondary and tertiary crushers (dry area). Additionally, it will support solvent extraction (SX) and electrowinning (EW) (wet area), among others.