Americas

Protests in Peru began to affect activities mines

2023.02.17 02:39

Protests in Peru began to affect activities mines
Protests in Peru began to affect activities mines

Protests in Peru began to affect activities mines

By Ray Johnson

Budrigannews.com – According to power data analyzed by Reuters, the Chinese-owned Las Bambas and Glencore PLC’s Antapaccay are currently the most severely affected of Peru’s top copper mines. Protests and blockades in the country’s southern Andes are beginning to impact activity more severely.

The nation in South America that holds the no. Despite the fact that mining operations had generally remained resilient up until this month, the number two producer of the red metal has been beset by protests since President Pedro Castillo’s ouster on December 7.

However, a Reuters analysis of COES’s daily power use data, which represents companies in Peru’s energy sector, reveals that at least two key mines are now regularly drawing only half their normal power as essential supplies for mining operations run out, indicating that they are in “care and maintenance” mode.

Those are Glencore’s (GLEN.L) Antapaccay and MMG’s (1208.HK) Las Bambas, Peru’s third-largest copper mine, which have both been impacted by blockades on a crucial mining corridor highway. Both had half-normal power usage as of Thursday, according to the most recent data.

Protests in Peru began to affect activities mines
Protests in Peru began to affect activities mines 6

However, miners in Peru have a long history of dealing with community protests that have occasionally resulted in prolonged shutdowns. This is not the case with the nationwide anti-government protests that are currently taking place, in which nearly 50 people have been killed in clashes.

This is supported by the data, which indicates that mines are occasionally obtaining supplies through the blockades. Las Bambas recently fluctuated between full and half power use.

On Thursday, a person who is familiar with the situation said that protesters had lifted temporary blockades on a crucial section of the mining corridor in Condoroma, Cusco, that Las Bambas, Antapaccay, and Hudbay’s (HBM.TO) Constancia use.

The source added that they were threatening to resume the blockade on Friday, highlighting the uncertain situation that has hampered supply deliveries to mines and export transportation of copper concentrate.

On Monday, Antapaccay reported that five fuel trucks had been targeted and damaged on their way to the mine.

Protests in Peru began to affect activities mines
Protests in Peru began to affect activities mines 7

In the two-day window after the blockades were lifted, representatives from Las Bambas, Antapaccay, and Constancia were unavailable to comment on whether they were receiving inputs for their operations or sending their concentrates.

Other important mines include Antamina, Glencore, BHP Group (BHP.AX), and Teck Resources Ltd (TECKb), Peru’s largest copper mine. Despite a few brief outages in recent months, Mitsubishi Corp. (8058.T) and TO) appear to be maintaining power levels that are close to normal.

Protests in Peru began to affect activities mines
Protests in Peru began to affect activities mines 8

An examination of the power consumption of six important mine operators reveals that, overall, levels of combined electricity use have decreased since the middle of January, with this month’s greatest decline.

In a note this week, Capital Economics stated, “The longer that the supply of raw materials remains hostage to the protests, the higher the risk that affected mines either run at limited capacity or halt production completely.”

“The ongoing civil unrest in Peru is beginning to choke off activity at key copper mines, according to anecdotal reports and frequent data. However, so long as closures are brief, output can quickly rebound, if recent history is any indication.”

Protests in Peru began to affect activities mines
Protests in Peru began to affect activities mines 9

Protests in Peru began to affect activities mines

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 91,452.50 1.94%
ethereum
Ethereum (ETH) $ 3,184.02 5.12%
tether
Tether (USDT) $ 1.00 0.20%
solana
Solana (SOL) $ 216.76 3.04%
bnb
BNB (BNB) $ 630.65 3.08%
xrp
XRP (XRP) $ 1.15 32.54%
dogecoin
Dogecoin (DOGE) $ 0.374058 3.42%
usd-coin
USDC (USDC) $ 1.00 0.11%
staked-ether
Lido Staked Ether (STETH) $ 3,179.74 5.16%
cardano
Cardano (ADA) $ 0.764539 14.84%
tron
TRON (TRX) $ 0.203886 8.14%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 3.39%
the-open-network
Toncoin (TON) $ 5.68 6.73%
avalanche-2
Avalanche (AVAX) $ 35.21 9.61%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,767.70 4.72%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 91,057.40 1.82%
sui
Sui (SUI) $ 3.71 12.90%
bitcoin-cash
Bitcoin Cash (BCH) $ 473.79 12.19%
weth
WETH (WETH) $ 3,179.53 5.06%
chainlink
Chainlink (LINK) $ 14.60 9.31%
pepe
Pepe (PEPE) $ 0.000021 2.55%
polkadot
Polkadot (DOT) $ 5.74 14.45%
litecoin
Litecoin (LTC) $ 96.42 17.04%
near
NEAR Protocol (NEAR) $ 5.93 11.14%
leo-token
LEO Token (LEO) $ 7.65 0.73%
aptos
Aptos (APT) $ 12.49 8.40%
stellar
Stellar (XLM) $ 0.19083 41.97%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,347.60 5.03%
uniswap
Uniswap (UNI) $ 9.21 12.05%
usds
USDS (USDS) $ 0.997383 0.12%
internet-computer
Internet Computer (ICP) $ 9.43 13.97%
crypto-com-chain
Cronos (CRO) $ 0.163084 1.11%
ethereum-classic
Ethereum Classic (ETC) $ 27.64 22.48%
bittensor
Bittensor (TAO) $ 528.57 5.78%
dogwifcoin
dogwifhat (WIF) $ 3.66 1.83%
kaspa
Kaspa (KAS) $ 0.145333 10.20%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.32 6.72%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.421907 17.56%
dai
Dai (DAI) $ 1.00 0.23%
hedera-hashgraph
Hedera (HBAR) $ 0.087113 26.70%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.11%
whitebit
WhiteBIT Coin (WBT) $ 22.23 0.12%
blockstack
Stacks (STX) $ 2.00 9.84%
filecoin
Filecoin (FIL) $ 4.70 12.46%
bonk
Bonk (BONK) $ 0.000041 1.68%
arbitrum
Arbitrum (ARB) $ 0.712556 21.40%
monero
Monero (XMR) $ 152.05 4.75%
render-token
Render (RENDER) $ 7.01 5.97%
okb
OKB (OKB) $ 45.44 4.54%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.31%