Peru's Las Bambas copper production falls 15% in Q1

Production of Las Bambas, the copper mine owned by China’s MMG mine in Peru’s Apurímac region, fell 15% in Q1 compared to the same period last year to 58,426t.

According to MMG’s latest production report, the lower output was due to a shortage of supplies resulting from protests that affected the company's logistics chain.

Las Bambas is currently operating at full capacity. Operations and transport of concentrates resumed from March 11 after the lifting of a road blockade in the Velille district.

The mine's focus will also be on shipping the 115,000t of copper in concentrate stockpiled that had accumulated by the end of 1Q23 and reducing inventories.

UPTURN

Although there was a drop in output compared to 1Q22, and a 20% fall compared to 4Q22, the mine's production picked up from March.

According to the energy and mines ministry, Las Bambas produced 21,325t of copper in January and 14,040t in February. Based on those figures, production would have risen to over 23,000t last month.

DIALOGUE

Las Bambas has yet to resume dialogue with the Huancuire and Fuerabamba communities to start operating the new Chalcobamba pit. According to the company, the dialogue with Fuerabamba will resume in the coming weeks. In the case of Huancuire, the community has elected a new board of representatives, and Las Bambas will resume dialogue once it is formally accredited.

The start of Chalcobamba is still scheduled for the second half of this year. Las Bambas’ projected copper production remains at between 265,000t and 305,000t for this year, although it will depend on an agreement reached with Huancuire.