The Peru’s copper exports plummeted in January as an increase in social unrest hampered shipments, despite production of the red metal holding steady in the second-producing country.
The export revenues, which reached US$1.25 billionwere a 25% lower than those of January last yearwhile production only fell 0.3%, according to data published by the National Mining, Oil and Energy Society (SNMPE) and the Ministry of Energy and Mines.
Protests in Peru stem from global copper supply
While the government says shipments are returning to normal after most roadblocks were lifted, data for January shows the amount being stored in mines. In the biggest wave of riots in decades, more than 100 roads were blocked by people calling for the resignation of President Dina Boluarte, who has managed to stabilize herself in power.
between the The most affected copper mines are MMG Ltd.’s Las Bambas and Glencore’s Antapaccay. Las Bambas resumed its exports this weekend, the company said in a statement.
Violent demonstrations in Peru impact copper and tourism
Anglo American Plc’s new Quellaveco mine also contributed to increasing domestic copper production. A year ago it did not exist and, without it, copper production would have fallen 10% in January.
The SNMPE said most of the drop in copper exports was due to less metal being shipped, although lower prices also weighed on revenue.
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