China's MMG to invest $2 billion in Peru's Las Bambas copper mine
In the next five years, Chinese miner MMG Ltd. planned to invest US$2 billion to expand its Las Bambas copper mine in Peru.
Peru is the global second largest copper producer, and Las Bambas is one of the world's largest producers of the red metal.
The company is focusing on potential acquisitions to push up production and plans to double up Las Bambas's copper production by 2025 and double it up again by 2030.
The mine's output in these years decreased due to falling ore grades and social conflicts. Las Bambas opened in 2016 in the Peruvian Andes and has suffered from recurrent disruptions for social issues. The disruptions even forced the company to suspend all operations for over 50 days.
MMG has previously said it will not go on with the project until it can reach a peaceful agreement with the indigenous Huancuire community.
