Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, September 10, 2014

Southern Copper says still eyeing Anglo American project in Peru, (NYSE: SCCO)

Southern Copper Corp said on Wednesday that it still hopes to purchase a share in Anglo American's $3.3 billion Quellaveco project in Peru, and that talks must now take place at the highest level. Negotiations on a potential sale of part of Anglo American's 81.9 percent ownership in Quellaveco fell apart in the past year because each company wanted a controlling stake, said Southern Copper's Chief Executive Officer Oscar Gonzalez.But talks restarted two months ago and Southern Copper is now offering to hold an equal share if it can operate Quellaveco, Gonzalez said.Southern Copper already runs two mines and a refinery near Quellaveco in southern Peru."The proposal will be that each of us controls equal parts...and that we (Southern Copper) operate the project because we've been in the area for 50 years or more," Gonzalez told reporters on the sidelines of a mining conference in Lima.

Southern Copper Corporation (SCC) is an integrated copper producer. Shares of SCCO fell by 1.03% or $-0.33/share to $31.62. In the past year, the shares have traded as low as $24.50 and as high as $33.90. On average, 1745640 shares of SCCO exchange hands on a given day and today's volume is recorded at 2721504.