Key copper mines in Peru are cranking up activity again after protests and blockades dented production, power data analyzed by Reuters showed, potentially boosting supply from the world’s No. 2 producer of the red metal.
Major copper mines including Las Bambas, owned by China’s MMG Ltd, and Glencore PLC’s Antapaccay are drawing on full power, publicly available electricity data up to Friday show, after reduced usage amid disruptions.
The data from Peruvian power sector body COES gave the most rapid and detailed gauge of Peru’s mining activity, key for understanding the supply outlook for the metal, with global prices already elevated at about US$9,000 per tonne.
Photo: Reuters
Peru has been roiled by anti-government protests since Dec. 7 last year — when former leftist Peruvian president Pedro Castillo was ousted — including road blockades in the copper-rich south which have at times prevented supplies reaching mines and copper leaving.
However, protesters eased road blockades on a key mining highway last month, which has allowed mines to return progressively to normal levels of activity, the data showed. The data did not indicate whether transport of ore has improved.
Copper mines in the country have long faced disruption from community protests that have at times led to lengthy shutdowns.
Peru’s copper production dropped 3.63 percent in January from a year earlier, official data showed, the first decline after three straight months of increases.
Las Bambas, producer of about 2 percent of global copper, has operated at full power since the start of March after choppiness since early last month.
Antapaccay, hit by attacks on its site and supply trucks, has returned to full activity this week, the data showed and a source close to the mine said, after a lengthy downturn, also since early last month.
Representatives of Las Bambas and Antapaccay were not immediately available for comment.
However, communities in Chumbivilcas Province, a key area for the southern mining corridor, were planning to meet on Friday to discuss a possible restart of protests.
“For now [the mining road] is free, but we have a meeting tonight and we will see what measures we take,” said Carlos Quispe, a leader of the Chumbivilcas Defense Front.
“If we maintain things or block the road again, that is decided by the communities themselves,” he said.
Copper for May delivery fell US$0.01 to US$4.07 per pound, up 3 percent from last week.
Other commodities:
‧ Gold for April delivery rose US$14.10 to US$1,854.60 per ounce, up 2.06 percent weekly.
‧ Silver for May delivery gained US$0.34 to US$21.24 per ounce, up 2.06 percent from last week.
Additional reporting by AP
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