The two sides are $8 a tonne apart on where they would like the treatment charge benchmark to be.

The battle over mining in Ayacucho is a flashpoint for the new government as well as for global metal markets that rely on Peru’s rich deposits.

The mining corridor, as the road is known, has been blocked for over 400 days since Las Bambas began operations in 2016.

Prices are up 20% this year while a wider index of industrial metals is up nearly 30%.

There are two major gold and copper mines operating in Ecuador's Amazon region, while other projects have been halted by community opposition.

The global refined copper market is expected to be in a significant surplus in 2022, according to ICSG.