Copper producer MMG has been unable to export around 189,000mt of copper concentrate from its Las Bambas mine in Peru due to the ongoing protests in the region.
Pablo de la Flor, executive director of the National Society of Mining, Oil, and Energy in Peru pegged the value of the copper concentrate volumes still lying at the mine at $530mn, according to media reports.
The protest has lasted for more than 24 days and while MMG said in December that the blockade, while deeply frustrating, has not impacted mine production, Flor indicated that the miner might halt output if the protesters continue. Protesters have created a blockade on a highway in Cusco, which is around 200 miles from the mine and an arterial road to transport material from and to Las Bambas.
Las Bambas was expected to produce around 350,000-370,000mt of copper concentrate in 2020, making up for around 2pc of global copper production.