Southern Copper, one of the world's largest copper producers, said it would invest $2.8 billion during the next three years to develop new capacity and that the program would lift annual output by 342,000 tonnes of copper and 6,600 tonnes of molybdenum.
Of that investment total, $1.8 billion is earmarked for Peru and $1 billion for Mexico. Some $600 million is scheduled to be spent in Peru during the 2010 fiscal year, while roughly $200 million is tagged for Mexico, the company said.
Among the projects Southern Copper said are progressing are its Toquepala expansion and the Tia Maria development in Peru.