Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
MMG Ltd said on Monday its Las Bambas mine in Peru would likely have to halt production from Feb. 1 due to a shortage of “critical supplies” leading to a slowdown of operations.
MMG said the shortage of supplies was due to transport disruptions from protests in Peru.
Demonstrators have blocked roads across Peru and clashed with security forces in more than six weeks of violent turmoil that began when President Pedro Castillo was impeached after he attempted to dissolve congress.
Protesters are calling for both interim President Dina Boluarte and congress to be replaced, with more than 50 deaths and the violence showing no signs of easing.
The disruption coincides with operational setbacks and regulatory headwinds in neighboring Chile and the prospect of a mine shutdown in Panama as the government there seeks a bigger share of profit.
Those supply threats have combined with optimism over Chinese demand after the lifting of covid restrictions to send copper futures to seven-month highs.
(With files from Reuters and Bloomberg)
Read more: Peru’s violent protests imperil 30% of its copper output
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