https://www.miningweekly.com

MMG's troubled Las Bambas mine in Peru still has no timeline for expansion

19th August 2022

By: Reuters

  

Font size: - +

LIMA - Chinese miner MMG said on Thursday it still has no time frame for when it will be able to build a second open pit to ramp up production at its Las Bambas mine in Peru.

Las Bambas, whose operations have often been disrupted by protests from neighboring indigenous communities, accounts for 2% of global copper supply.

The Peruvian government authorized the construction of the mine's second open pit, known as Chalcobamba, earlier this year and the company had expected to begin operations by the end of the year.

But the project was put on hold due to protests from the indigenous Huancuire community that used to own that land.

"When an enduring agreement is reached, Las Bambas will immediately progress the substantial development of the Chalcobamba pit," MMG said in its half-year financial results.

The company also lowered its guidance for copper production for the year at Las Bambas to 240 000 t from between 300 000 t and 320 000 t due to a protest that forced the mine to shut down for over a month.

Indigenous communities neighboring Las Bambas and along the road that it uses to transport its copper have often protested the company, saying that its immense mineral wealth has not translated into better living conditions for them, as promised at the mine's inception.

MMG posted a profit of $80-million in the first six months of the year, down from $584-million a year earlier due to protests at Las Bambas and because of falling copper prices.

Peru is the world's No. 2 copper producer and mining is a key source of tax revenue.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION