Latest news with #LasBambas
Bloomberg
4 days ago
- Business
- Bloomberg
MMG Warns Peru Election Poses Risk to Las Bambas Copper Mine
Peru's presidential election in April could lead to disruptions at MMG Ltd.'s flagship Las Bambas copper mine, Chief Executive Officer Zhao Jing Ivo said during an earnings call on Wednesday. Las Bambas, the largest copper mine in Peru, is the Chinese company's most profitable asset, but its operations have been dogged by years of social unrest. Zhao said he expects a heightened risk of protests around the elections, adding that 'we have to leave some room for contingencies.'
Reuters
11-07-2025
- Business
- Reuters
Exclusive: Miners MMG, Hudbay warn Peru production at risk amid wildcat protests, sources say
LIMA, July 11 (Reuters) - MMG ( opens new tab and Hudbay Minerals ( opens new tab executives met with Peru's cabinet chief this week to warn that production at their copper mines could be affected if a two-week protest by informal miners along a major transit route continues, two sources told Reuters on Friday. The Las Bambas mine of Chinese firm MMG and the Constancia mine of Canadian company Hudbay in the Cusco region are among Peru's top ten copper producers. The companies did not immediately reply to requests for comment. A person familiar with Las Bambas said the site's production remained normal for now. One of the sources, who attended the meeting but was not authorized to comment, said concern at Las Bambas and Constancia was mounting over the inability for copper-loaded trucks to transit freely. The blockades along a road that is essential for connecting mines to the coast began in late June as hundreds of informal miners pressed Peru's government to extend a deadline to regularize their operations. "Large vehicles that supply and transport the mineral cannot pass," the person said. "Both companies are still operating, but they mentioned that if the situation continues for much longer, it could become complicated." Las Bambas produced more than 320,000 metric tons of copper last year, making it the fourth-biggest miner in Peru. Constancia ranked ninth, with about 99,000 tons of copper. Glencore's (GLEN.L), opens new tab Antapaccay copper mine, which uses the same transit route, has not yet reported production impacts. Peru is the world's third-largest copper producer, and it exports most of the red metal to China. Peru's cabinet chief, Eduardo Arana, in a statement on Thursday evening said he met with mining representatives, including from Hudbay and MMG, and emphasized the government's commitment to fostering dialogue between companies and communities. The statement did not provide further details about the protests, or address their potential impact on copper output. Despite the protests, which have also taken place in the capital Lima and other areas, Peruvian officials are taking steps to end a temporary program that allowed informal mining, called REINFO, by year's end. Last week they removed from the program more than 50,000 mining operations that failed to properly register. Informal miners have protested numerous times to extend REINFO. It began in 2012 as a short-term scheme to formalize miners operating outside the law, but has been criticized for enabling illegal mining that harms the environment.
Yahoo
11-07-2025
- Business
- Yahoo
Exclusive-Miners MMG, Hudbay warn Peru production at risk amid wildcat protests
By Marco Aquino LIMA (Reuters) -MMG and Hudbay Minerals executives met with Peru's cabinet chief Eduardo Arana on Thursday to warn that production at their copper mines could be affected if a two-week protest by informal miners along a major transit route continues, two sources with knowledge of the matter told Reuters. Chinese firm MMG's Las Bambas and Canadian Hudbay's Constancia, in the Cusco region, are among Peru's top ten copper producers. The companies did not immediately reply to requests for comment. A person familiar with Las Bambas said the site's production remained normal for now. Arana's office in a statement on Thursday evening said he met with mining representatives, including from Hudbay and MMG, and emphasized the government's commitment to enabling dialogue between companies and communities. The statement did not provide further details about the protests, or address their potential impact on copper output. Peru is the world's third-largest copper producer, and exports most of the metal to China. Sign in to access your portfolio
Yahoo
05-07-2025
- Business
- Yahoo
Peru protestors block copper transport route, affecting mining companies
A blockade by informal miners in Peru's Chumbivilcas province is disrupting a vital copper corridor, impacting the operations of leading mining companies, as reported by Reuters. Supporting a national protest that began on Friday, 4 July 2025, the blockade involves members of Peru's artisanal and informal miners' organisation, CONFEMIN. The protest is part of a broader action demanding that the Peruvian government extend a deadline for regularising informal mining activities, according to protest leader Luis Huaman, who stated that "this blockade is in support of the national protest, for unconditional formalisation" and confirmed that transportation for large-scale mining companies is being halted. The protest has affected the operations of MMG's Las Bambas, Glencore's Antapaccay and Hudbay's Constancia, which are among the top ten copper producers in the country. The mining companies have yet to comment on the situation. Las Bambas is experiencing disruptions due to the ongoing protests, although specific details have not been disclosed. The company, which has encountered numerous protests in recent years, has previously resorted to using alternative routes to circumvent such blockades. Peru, the world's third-largest copper producer, is projected to see a modest rise in production to 2.8 million tonnes (mt) during 2025. The country's mining investments are also expected to reach at least $4.8bn, as stated by Mines and Energy Minister Jorge Montero. In 2024, the mining sector in Peru attracted investments totalling $4.96bn, underscoring its critical role in the national economy. In a related development, Lupaka Gold has been granted a positive final ruling by the Arbitral Tribunal in its arbitration case against Peru regarding the Invicta gold project. The ruling grants Lupaka Gold $40.4m in compensation with interest, plus $4.2m for arbitration-related costs and expenses. "Peru protestors block copper transport route, affecting mining companies" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
03-06-2025
- Business
- Bloomberg
Peru Says Large-Scale Informal Copper Mining Exists And Could Grow
Peru's government is acknowledging for the first time the existence of large-scale informal mining of copper, warning that high prices could see the activity grow in the near future. The government is on alert for large artisanal mining of copper, especially in an area where mineral rights belong to the Las Bambas mine run by China's MMG Ltd., Energy and Mines Minister Jorge Montero told foreign media in Lima on Tuesday.
