Trade spats to curb industrial metals demand: BMO
BMO Capital Markets has lowered its demand estimates for next year on the anticipation that higher tariffs and multilateral trade friction could tamp down industrial output.
Glencore’s Antapaccay copper mine in Peru said on Thursday that it does not plan to execute this year or next its Coroccohuayco project that has caused nearby residents to protest and block the road used to transport its copper.
Residents are protesting the mine’s environmental impacts on the area over several decades of operation, as well as opposing the Coroccohuayco project, which would require an investment of $590 million to extract copper and gold.
Residents in Peru’s Espinar province, where Antappacay is located, have blocked the road since Wednesday. Flavio Huanque, one of the leaders behind the blockade, told Reuters on Wednesday night that the blockade would continue indefinitely.
Antappacay, Peru’s sixth largest copper mine, said it was having a meeting with residents on Thursday.
MMG Ltd’s Las Bambas copper mine, the country’s fourth largest, is also affected by the road block.
Atappacay said in a statement that they support having a consultation process before deciding to build Coroccohuayco.
“The project is still in the design and viability studies phase, and its development will depend on the results of those analyses,” Antapaccay said in its statement.
Espinar residents were also protesting against the government, which they say has not been receptive to their demands.
(By Marco Aquino; Editing by Marguerita Choy)
Comments