Video: Junior market dominated by ‘the lame, the halt and the blind,’ says Rule
Over two-thirds of today’s junior miners are essentially worthless, says resource speculator Rick Rule.
The Peruvian government on Wednesday declared a state of emergency near MMG’s Las Bambas copper mine, where production has been halted for a week due to indigenous communities camped inside.
A state of emergency suspends civil liberties such as the right to assembly and protest. Reuters reported on Tuesday that Las Bambas was weighing attempting to evict protesters on Wednesday.
Las Bambas accounts for 2% of the global copper supply and is a subject of recurring disruptions from impoverished local communities demanding higher financial contributions from the mine.
Earlier this year, the mine was forced to slow down operations due to a road blockade.
MMG said the Fuerabamba community’s members had entered Las Bambas on April 14 to protest the company’s alleged failure to comply with its social investment commitments, allegations which MMG rejects. Members of the Huancuire community had also joined the protests.
The minerals exploration company also said a meeting was conducted on April 16, which included Peru’s Minister of Mines and Energy, members of the Fuerabamba community and Las Bambas, but the parties could not arrive at a resolution.
(By Marcelo Rochabrun)
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