DRC stuns miners with immediate lifting of 10-year exemption for licensees, 50% tax on 'super-profits' and code permitting 5-fold increase in cobalt royalty.
MMG Mining News
Copper price rally cools after threat to global supply from top 5 Las Bambas mine is averted.
Strike at Escondida, export ban and smelter problems at Grasberg and community clashes at Las Bambas.
The move is part of the new government's strategy to rebuild trust on the project following deadly protests that halted exports from the mine in October.
The process of restoring calm in local communities and the re-opening of essential infrastructure is now underway, said the miner Monday.
He is the first person to die in clashes over mining under new President Pedro Pablo Kuczynski.
The country expects around $56 billion worth of mining projects to come on stream this year.
The company shipped roughly 10,000 tonnes of copper concentrate from Las Bambas from the Port of Matarani to China on Jan. 15.
The copper mine, one of the world's biggest, is on track to begin production in the first quarter of 2016, despite weak prices and relentless protests against the project.
State of emergency declared at Las Bambas.
This is the first statement in which MMG has confirmed its intention to buy Las Bambas.
Las Bambas copper mine, located in Peru, is expected to fetch between $5 and $6 billion.
Peruvian copper mine Las Bambas expected to fetch $5-6 billion.
Despite the gloomy results, the commodities giant revenues for the year jumped 9% to $232.6 billion
Analysts question the remaining bidder's ability to finance the project.