*UPDATE (5:15 p.m.) Southern Copper clarifies it will not be cancelling the Tia Maria Project.*
Southern Copper mining company announced today it is withdrawing from the Tia Maria mining project located in Arequipa, Peru.
The Director of Institutional Relations of Tia Maria, Julio Morriberón, announced that the company is withdrawing investments of more than US$ 1.4 billion from the Arequipeñan project.
Located in the Tambo Valley province of Islay, Arequipa, the silver-copper project Tia Maria was confirmed canceled following an interview Morriberón had with RPP Noticias.
After evaluating the the overall politicization in the valley and lack of decision of the competent authorities, for this, I am here to announce the cancellation of the Tia Maria project and the complete withdrawal of our investment in the Arequipa region, said the director.
The construction of the project initially began 8 years ago, and production was expected to be in full capacity by 2017, capable of pumping out 120 thousand tons of copper.
But a strong opposition from local residents has resulted in protests and recently violence that left 12 wounded. For that, the project is leaving.
We are forced to denounce the anti-mining terrorism in this country because being only minority groups that are using violence to blackmail the majority that is in favor of the project and development, explained Morriberón.
Southern Peru mining company is leaving Peru and looking to invest in other countries such as Chile and Ecuador. The company is leaving Tia Maria and looking to other countries to invest.