Friday, April 16, 2010

Southern Copper (NYSE:SCCO) Tia Maria Mine Project

Southern Copper (NYSE:SCCO) has been struggling to win support for its Tia Maria mine project, as Peruvian farmers and ranchers protested the approval of the mine on fears they'll lose land and water to the mining company.

Ranchers and farmers blocked the major highway in Peru in hopes of derailing a scheduled meeting on April 19 where Southern Copper must hold in order to even be approved for an environmental impact study.

Frustration by the government of Peru was expressed for both sides, as they said a number of the protesters had no intent of working with the mining company, but rather "have a clear agenda ... which is simply to say no to mining."

On the other hand, the government was also disappointed in Southern Copper, saying they could have gained more community support for the project, as other mining companies have navigated the waters and successfully launched mining projects in the country.

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