Latest news with #MMGLtd
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.'
Bloomberg
01-07-2025
- Business
- Bloomberg
Peru Copper Transport Disrupted as Informal Miners Block Roads
Roadblocks by informal miners are disrupting transport of copper from some mines in Peru, including those owned by MMG Ltd. and Hudbay Minerals Inc., said people briefed on the matter. Artisanal miners are staging blockades in one of the world's biggest copper-producing nations to push for a regulatory framework that caters specifically to small-scale mines.
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.
Bloomberg
31-03-2025
- Business
- Bloomberg
MMG Seeks to Reassure Investors Amid Peru ‘Illegal' Copper Boom
Chinese-owned metals producer MMG Ltd. attempted to reassure investors about its prospects in Peru, saying a surge in 'illegal' mining activity in the country isn't affecting its copper production or development plans. The company — a unit of state-owned China Minmetals Corp. — shared concerns with the Peruvian government about a 'significant increase in illegal mining activity,' MMG said in a March 31 post on its website. The firm's shares in Hong Kong fell as much as 6.1% on Monday, more than most peers.
Bloomberg
06-03-2025
- Business
- Bloomberg
China's MMG Halts New Congo Plant After One Year on Cobalt Slump
A Chinese state-controlled mining company mothballed a cobalt processing plant in the Democratic Republic of Congo only 15 months after opening it due to a historic slump in the price of the battery metal. MMG Ltd. said it suspended operations at its new facility at the Kinsevere mine in December 2024 due to 'unfavorable cobalt market conditions.' The government of Congo – which dominates production of the material used in electric vehicles – introduced a surprise four-month export ban last week to rein in oversupply and assert more control over the metal's price.
