China’s MMG secures supplies to continue copper production at reduced rate in Peru
Friday, February 10th, 2023
China’s MMG said its Las Bambas copper mine in Peru was able to secure critical supplies, enabling it to continue production at a reduced rate after road blockades prevented the arrival of key raw materials.
“Levels of critical supplies remain low and should the situation remain unchanged, Las Bambas will be forced to commence a period of care and maintenance,” the company said in a statement.
Since the December 7 ouster of leftist President Pedro Castillo, operations in key Peru mines have been hampered by transport constraints and some attacks by protesters.
MMG had earlier flagged it would have to halt copper production at the mine by the start of this month if blockades continued to prevent the arrival of key inputs to the site. At normal times, the mine accounts for some 2% of the global supply.
Separately, a Reuters analysis of power usage data at some of the key mines in Peru, the world’s no. 2 copper producer, indicated activity remained near normal levels despite road blockades, attacks and protests that have roiled the Andean nation for over two months.