Economy & Business - November 2022

PERU: MMG announces major investment in Las Bambas

The Chinese mining company MMG has announced its intention to invest US$2bn over the next five years to expand the Las Bambas copper mine, which is located in Peru’s southern Apurímac region and accounts for around 1% of the country’s GDP and 2% of global copper supply. Speaking at the September 2022 PERUMIN mining conference in Arequipa, Edgardo Orderique, director general of Las Bambas, announced that MMG hopes to double copper production at the mine by 2025, and again by 2030. Those goals are optimistic given the severe civil unrest that has forced repeated and lengthy shutdowns over the past year, and which has intensified dramatically under President Pedro Castillo.

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