News: November 1, 2021. Peru's Largest Copper Mine Halts Operations Due to Protests

in LeoFinance2 years ago

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The operations of Antamina, the largest copper mine in Peru, the world's second copper producing country, halted due to locals roadblocking the access to the mine. (See this article)This is part of a generalized social unrest which has caused conflicts between local communities and the mining companies. in this particular case, local protesters are demanding payment for the use of their land to transport the copper ore obtained by Antamina.

Antamina is situated in the Peruvian region of Ancash, at an altitude of 4200 meters (13800 feet) above sea level. It is owned by BHP, Glencore, Teck Resources and Mitsubishi.

The price of copper has been increasing and it very close to its all-time maximum of about 10000 US$ per tonne. (See this reference)

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.
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Such a movement is very sad. Of course, I think the company should enter into an agreement with the landowners.

The best is for the company to find solutions as soon as possible so that the issue won't cause a lot of damages. Thanks for sharing and have a wonderful day.