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Troubled Peru Copper Mine Starts Expansion Work in Supply Boost
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PeruChinaLas-bambasTroy-hey(Bloomberg) China’s MMG Ltd. is hopeful it can start digging copper from a new pit at its giant Las Bambas project in Peru by the end of this year, bringing some much-needed extra supply to a tightening global market.Most Read from BloombergThese Flight Routes Suffer the World’s Worst TurbulenceNvidia Delivers on AI Hopes, Igniting $140 Billion Stock RallyCiti Trader Got 711 Warning Messages Before Sparking Flash CrashTech Up in Late Hours as Nvidia Emboldens AI Bulls: Markets WrapLas Bambas
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China’s MMG is hopeful it can start digging copper from a new pit at its giant Las Bambas project in Peru by the end of this year, bringing some much-needed extra supply to a tightening global market.
Las Bambas has for years operated well below its annual capacity of 400 000 t due to a torrent of community protests that have disrupted mining and set back an expansion. That level could be reached in 2025, according to Troy Hey, an executive general manager at MMG.
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The Peruvian government's 2024 copper production goal of three-million metric tons is realistic, senior industry executives said on Tuesday, as the country seeks to boost mining investments to help lift the economy out of recession.
The South American country produced 2.76-million tons of copper last year, dropping its rank from first to second for global production of the red metal. It still ranks first globally for export volumes.
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