Saudi Arabia to visit Brazil and Chile as seeks to diversify mining
The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.
Peru’s copper production fell 1.5% year-on-year in August, the second consecutive monthly drop, due largely to lower activity from several mines controlled by Freeport-McMoRan Corp and Grupo Mexico, according to government data.
Copper output in the world’s second largest copper producer reached 207,739 tonnes in August.
The South American country produced 1.5 million tonnes of the red metal in the first eight months of this year, a 0.3% drop from the same eight-month period last year, the energy and mines ministry said in a report released on Sunday.
Major copper mine Cerro Verde, controlled by Freeport-McMoRan Corp and Buenaventura, reported an 11.5% decrease in its production during August; while output from Grupo Mexico’s Southern Copper mines fell by 10.6%, according to the report.
Production recovered in June from the major Las Bambas mine controlled by China’s MMG Ltd following the restart of operations after a truce reached with protesting communities that had prompted a temporary closure.
But the truce ended with no agreements, sparking fears of potential new conflicts going forward.
(By Marco Aquino; Editing by Jonathan Oatis)
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