Southern Copper (NYSE:SCCO) is considering an investment in a lithium project in Mexico, CEO Oscar Gonzalez tells Reuters, a move that would be the miner's first venture into the metal that enjoys strong demand from electric vehicle makers.
SCCO may be interested in a stake held by Bacanora Lithium (OTC:BCLMF), which has said it owned 10 lithium concessions in Mexico's Sonora state and was focused on securing funding this year to start production in 2021.
Gonzalez also says SCCO is wrapping up designs for a new $1.3B foundry and refinery in Ilo, Peru, with a proposal likely to be taken up by the company's board for approval "in coming months" and construction possibly starting this year.
SCCO would build the foundry and refinery in Ilo regardless of whether it can start work on its $1.4B Tia Maria copper project this year, Gonzalez added.
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