Friday, October 7, 2022
HomeBusinessMMG shuts Las Bambas copper production as talks to end blockade fail...

MMG shuts Las Bambas copper production as talks to end blockade fail By Reuters


Related stories

Samsung Electronics Q3 profit likely fell 32% as demand slumped in downturn By Reuters

© Reuters. SEOUL (Reuters) - Samsung Electronics (OTC:)...

Inside a $150 million Hamptons summer home for sale

An oceanfront estate in Southampton, listed at $150...

Twitter arbitrage bet could pay off big for Pentwater Capital

Jakub Porzycki | Nurphoto | Getty ImagesAmong the...

4 Things You Must Know Before Raising Seed Funding for Startup

The greatest innovations on earth originated from ideas. These...

© Reuters. FILE PHOTO: General view of a mine operated by MMG Las Bambas, in a region where locals claim mining activity has negatively affected crop yields and killed livestock, outside of Cusco, Peru October 14, 2021. Picture taken October 14, 2021. REUTERS/Angela

(Reuters) -Hong Kong-listed miner MMG Ltd said on Thursday it would shut production at its Las Bambas mine in Peru from Saturday, after failing to reach an agreement with the Peruvian community blocking a transport road used by the facility.

The blockade by residents of the Chumbivilcas province has been in place since Nov. 20, and the shutdown now will halt production at the Chinese-owned mine, which accounts for 2% of world copper supply. Peru is the world’s no. 2 copper producer.

The point of contention is a dirt road used by Las Bambas to transport copper to a seaport. Residents from several regions who live along the road allege the dust lifted by the trucks pollutes their crops and affects their livelihoods.

Stockpiles on the site are now about 60,770 tonnes of copper concentrate as the blockade stopped transportation to the seaport.

The company has attempted to make several peace offerings to Chumbivilcas residents including jobs and investment, but talks fell through over specific details.

“The company continues to request the immediate removal of the illegal roadblocks to facilitate transparent, open and constructive dialogue,” MMG said in a statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Latest stories