State of emergency in Peru as protests hit copper output
-
Loading... - Delta Crawford
- 22 Apr 2022
- 330 Views
- 0 Like
- 0 Comment
Peru has declared a state of emergency near Southern Copper Corp’s (NYSE: SCCO) Cuajone copper mine as protests have caused the Andean nation to halt 20% of its copper output.
Operations at Cuajone were suspended on March 15 after residents of a nearby community shut down water supply to the mine, demanding financial compensation and a share of future profits.
Unrest spread later to MMG’s giant Las Bambas mine, Peru’s fourth-largest copper mine and the world’s ninth-largest, which has been shut and reopened at least twice this year. The latest suspension was announced this week after residents of the nearby Fuerabamba community entered the mine and set up camp inside of it.
Glencore’s (LON: GLEN) Antapaccay, Peru’s sixth largest copper mine, has also been the target of demonstrators this week, according to local media.
Peru, the world’s second largest producer after Chile, is also a significant silver and zinc supplier.
The mines affected by this week’s protest produced almost 500,000 of copper combined in 2021, with Las Bambas churning out 300,000 tonnes of copper Cuajone another 170,000 tonnes.
Community conflicts with mining companies are nothing new in Peru, and some of the current unrest is more about protecting water supplies than securing a bigger share of the revenue miners obtain. Read More…
