Peruvian newspaper Gestión reported that MMG’s Las Bambas mine started work on the Chalcobamba pit, located approximately 4 km northwest of the Las Bambas processing plant, in the Apurímac region of Peru. In March 2022, the Ministry of Energy and Mines (Minem) issued regulatory approval for the development of this copper deposit.
MMG expects Las Bambas to produce between 280,000 and 320000 metric tons of copper in 2024. However, this forecast could be revised upwards depending on the progress of the new pit, which could start operations in July or August.
In its Q4 2023 earnings presentation, MMG confirmed that it has reached agreements with five local community enterprises in the area to begin initial work on the new pit. The company was in dialogue with the surrounding communities throughout much of 2023 to alleviate social conflicts and initiate activities in the area.
