Peru to unleash stranded copper with roadblocks largely cleared
BNN Bloomberg
The government of Peru, the second-biggest producer of copper and zinc, expects that shipments of the commodities will begin to normalize within days as the nation’s worst street protests in decades ease.
“The issue of protests has been reduced to a minimum at this time,” Oscar Vera, newly-appointed energy and mines minister, said in an interview. “The mining corridor is now open and in the coming days, mineral will begin to be taken out.”
The full resumption of shipments will come as a relief to tight global metal markets, which were roiled by a surge of protests prompted by the impeachment of former President Pedro Castillo. The months of unrest — which constrained the transport of metal to ports and supplies to mines — embroiled operations by companies including Glencore Plc and Freeport-McMoRan Inc., while highlighting risks to commodity output from emerging markets.
Speaking on the sidelines of a conference in Toronto on Monday, Vera said authorities eased tensions by establishing lines of communication with communities and understanding their concerns. In many cases, conflicts related to stalled investments in local water and health projects, he said, adding that the government has stepped up efforts to ensure public works get done.
