Southern Copper sets its sights on one million tonnes of annual output
As seen on the 24/7 Wall St. homepage on October 21, 2026.
These two greenfield projects are expected to add approximately 156,000 tonnes of refined copper to our total annual production. With the contribution of Tia Maria and El Pilar we will surpass the one-million tonnes mark for annual production, of which 85% will be refined copper.
Southern Copper is putting a date on membership in the million-tonne club, with Tia Maria and El Pilar carrying the load as copper trades at record prices and new mines take roughly 17 years to build. Execution risk sits in Peru, where fast-tracked mining has revived conflict concerns.
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German Larrea, CEO of Southern Copper, used the company's 2026 Q3 earnings report to put a specific production target on the table: crossing the one-million-tonne threshold for annual copper output.
The two projects doing the heavy lifting are Tia Maria and El Pilar, both greenfield developments. Larrea said they are expected to deliver the increment that closes the gap to the million-tonne milestone.
Tia Maria sits in Peru, where the company's own earnings remarks acknowledge that fast-tracked mining development has revived conflict concerns in nearby communities. That execution risk is real and worth tracking, because a delay to either project directly delays the production target Larrea has now put on record.
New copper mines take roughly 17 years to build on average, making any credible near-term supply addition unusual in the current market. With copper trading at record prices, the difference between hitting and missing a milestone of this size carries substantial financial weight for shareholders.
Sources
Mentioned: SCCO