Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Fox Business quotes state news agency Andina as reporting that Peru’s Constitutional Tribunal could rule on Newmont’s Conga project within two months.
President Ollanta Humala’s (pictured on the campaign trail in 2011) administration wants the South American nation’s highest court to throw out an ordinance by the region of Cajamarca banning work on the $4.8 billion copper-gold project. Public hearings commenced a week ago.
Newmont stopped construction in November after violent protests in the poor Cajamarca region of northern Peru.
In December the government was forced to declare a state of emergency after boulders were used to block exits from the regional capital of more than 200,000 inhabitants, schools, hospitals and business were closed and dozens injured in clashes with police.
The protesters, led by Cajamarca’s Maoist governor Gregorio Santos, say Conga will destroy the environment by transforming four high Andean lakes into reservoirs for mining operations.
In January Peruvian officials also announced a programme of social and infrastructure investments aimed at winning over locals.
Conga would be the biggest investment ever in Peru mining and could produce 580,000 – 680,000 ounces of gold and 155 million – 235 million pounds of copper annually.
Peru’s Prime Minister said in January the stalled project will have to be developed as the government could end up with a “huge” compensation payment.
The cumulative amount of corporate taxes paid by Peru’s mining industry accounts for over 30% of the government’s annual tax revenues. At the moment, approximately 80% of these collections are used to pay for public services.
Mining companies in Peru plan to invest $42.5 billion over the next decade, mainly in copper and gold projects. Peru is the world’s second-largest miner of copper.
