Peru's copper starts to flow to ports as protests ease, minister says

Metallic Minerals

07/03/2023 13:54

By Marco Aquino and Alexander Villegas
       SANTIAGO, March 7 (Reuters) - Peru's mines are starting
to transport their copper concentrate to ports for export once
again after three months of protests that have snarled
shipments, Energy and Mines Minister Oscar Vera said.
    The minister told Reuters late on Monday that he had held
meetings with firms, adding that shipments from mines like MMG
Ltd's  1208.HK  Las Bambas, which produces some 2% of the
world's copper, were expected to reach Peru's coast in the
coming days.
    "We have the mining corridor practically unblocked," Vera
said. "In a few days, probably this week, Las Bambas will
transport its mineral to the coast."
    Reuters could not immediately reach MMG for comment.
    Vera said the easing of the protests and road blockades,
which have snarled Peru since the Dec. 7 ouster of former
leftist President Pedro Castillo, was boosting confidence in the
sector, adding that mining firms were considering new
investment.
        He said Peru expects $6.92 billion in mining investments
through 2024 via six different projects.
    "The most important thing is that very big companies are
investing in Peru, they keep betting on us and are informing us
of even more investment," Vera said. He said the government was
looking to stimulate exploration with the extension of a law to
return 18% of sales and local taxes to mining firms.
    Despite some protest flareups, Vera said the situation in
the country had normalized except for a few zones in the
southern province of Puno, where the government was negotiating
to bring investment projects to rural regions. 
    "The conflict in this country is practically in its final
stage. That's the main guarantee for (investors) to maintain
optimism," Vera said, adding that he expects copper production
and exports to rise this year.
    The protests have at times led to sharp drops in activity
from key mines like Las Bambas and Glencore Plc's  GLEN.L 
Antapaccay, though data analyzed by Reuters has shown activity
returning to normal levels as blockades have been lifted.
    Some communities, however, have threatened to start new
blockades focused on the "mining corridor" highway, which is key
for the arrival of supplies at mines and the transport of copper
out of them.

 (Reporting by Marco Aquino and Alexander Villegas; Editing by
Paul Simao)
 ((Alexander.Villegas@thomsonreuters.com; +56 9 9818 8538;))