Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

UPDATE 1-MMG declares force majeure on some contracts as protests disrupt copper mine

Published 24/12/2020, 03:31 pm
© Reuters.
HG
-
1208
-

(Adds details and background)

BEIJING, Dec 24 (Reuters) - Australia-based miner MMG Ltd 1208.HK said on Thursday that transport had been temporarily disrupted due to road blocks by local residents near its Las Bambas copper mine in Peru, forcing it to declare force majeure on some supply contracts.

"Based on Las Bambas' current schedule, there will be delays to some concentrate shipments as a result of this event," MMG, a subsidiary of Chinese state-owned enterprise China Minmetals Corp, said in a statement on Thursday.

Las Bambas produces about 400,000 tonnes of copper a year, approximately 2% of the global total.

Production at the site was continuing and had yet to be affected by the blockade that began on Dec. 12, but due to the hit to logistics, there was a risk that output may need to be progressively curtailed from this week, the miner said.

If a resolution cannot be reached, Las Bambas will take the opportunity to carry out maintenance at the site, some of which had been deferred due to the impact of COVID-19, it added.

On Tuesday, MMG had warned it would progressively reduce production because of the protests by members of the local community that have prevented mining trucks from using a road in Velille district, Cusco region, 200 km (124 miles) from the mine. together with representatives from the office of the Prime Minister of Peru and the Peruvian Ministry of Energy and Mines, was seeking constructive dialogue with members of the Velille district, the miner said on Thursday.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.