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MMG shares rebound after announcement of full resumption of Las Bambas for today

The mining company MMG Ltd., main operator of the mineto de The Bambas, in Apurímac, confirmed the total resumption of its operations in Apurímac for today, Monday, January 3, 2022, through an update note sent to the Hong Kong Stock Exchange, where it is listed.

MMG said it “welcomed” the elimination of road blocks after a meeting held on December 30, 2021 in the province of Chumbivilcas, Cusco, which was attended by representatives of Las Bambas, regional and local government officials, elected representatives. and community.

MMG Ltd. appreciates the commitment to dialogue of the community representatives and the government’s commitment to improve investment along the southern road corridor of Peru.”, He specified.

As La República announced a few days ago, when electricity demand at Las Bambas rose again after two weeks of stagnation, the project is expected to reach its highest capacity in the next few hours.

“As of December 31, 2021, The Bambas It has begun to progressively restore mining, production and the normal operation of concentrate transport. The plant has been operating at full capacity from December 31, 2021 and the miner is expected to reach its maximum capacity by January 3, 2022, ″ greeted the Australian-based Chinese capital company.

“The main focus of the Company continues to be ensuring the health, safety and protection of employees, contractors and the community. MMG maintains its commitment to work closely with the government of Peru and the members of the community, to reach a lasting agreement ”, adds the document signed by Gao Xiaoyu, CEO and Executive Director of MMG.

MMG: Hong Kong stocks rise

Shares of the Chinese mining company MMG Ltd. rose in the first hours of 2022, after announcing the total resumption of its operations in the Las Bambas mining project, located in Apurímac.

Along these lines, a share of the Chinese mining company today is US $ 2.55. “The share price of 1208.HK has changed to + 1.96% or +0.05 HKD” since the last trading day, the Hong Kong Stock Exchange said.

Las Bambas produces 400,000 tons of copper per year and around 2% of the world’s copper. The company reported that inventories in the mine’s supply have risen to some 50,000 tonnes of copper in concentrate.

In 2021, copper broke all records and reached its highest average price in history: US $ 4.2263 per pound, 51% more expensive than in 2020.


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