UPDATE 1-Southern Copper to decide in January on Chancas project

Mon Oct 1, 2012 1:18pm EDT

LIMA Oct 1 (Reuters) - Southern Copper will decide in January if it will go forward with its $1.2 billion Peruvian project Los Chancas, Chief Executive Oscar Gonzalez said on Monday.

He added that the company, one of the world's top copper producers, is pushing ahead with its investment program in Peru and Mexico despite the global downturn.

On the Los Chancas project, he said, "Once we have the feasibility study we'll decide if it's viable. We'll make this determination in January."

Southern Copper, controlled by Grupo Mexico, has said a prefeasibility study of Los Chancas showed mineralized resources of 355 million tonnes, with copper content of 0.62 percent, molybdenum of 0.05 percent and 0.039 grams of gold per tonne.

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