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January 4, 2022updated 07 Jan 2022 9:58am

Las Bambas to restart operations

Owners MMG say that they have reached a deal with Peruvian community activists who had forced it to cease copper operations.

By Zachary Skidmore

The giant Las Bambas copper mine has stated that it intends to restart its copper output after operations on the mine were suspended in late December, due to a blockade by local community activists that prevented the mine from transporting its copper production to a seaport.

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Las Bambas operations manager Edgardo Orderiqu said: “Given this agreement, we are going to give all the necessary notices to resume operations. The entire cycle takes between five to six days.”e.

Community outrage

The Las Bambas mine had been a flashpoint for protests by the Chumbivilcas community, with blockades hitting the key road on and off for over 400 days since the mine began operations in 2016.

The protest movement was bolstered by the election of the leftist Pedro Castillo to the presidential office in July 2021. However, the suspension has proved damaging for the administration, which greatly relies on mining revenue but also pledged to prioritise demands from marginalised communities.

In the minutes of a meeting between Prime Minister Mirtha Vasquez, local residents, and company executives, it was acknowledged that despite the end to the blockade, the government has yet to address the primary concern of the local residents. The community has been adamant about Las Bambas hiring members to drive copper trucks and provide cash contributions to support local infrastructure.

These issues are to be reviewed again at a later date. However, without addressing these concerns, further blockades are a real and inherent possibility. Chumbivilcas residents had agreed in October not to block the road after government-mediated talks but blocked it regardless in November after talks had stalled.

In response to concerns, Orderique said: “Everybody has committed to reach an agreement, and now we believe reaching a sustainable deal, that will enable the company to restart operations”.

 

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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