Peru $7 billion copper mine moves ahead despite the decline in price

Author: Paul Ploumis16 Jan 2015 Last updated at 06:00:48 GMT

LIMA (Scrap Monster): The large Las Bambas mine, based in Peru, which was owned by the MMg, and also other minority stake holders in the month of August, is capable of gaining more than about 2 million tonnes of copper in the first five years of the mines production, which will most probably begin in the year 2016, stated the Chief executive Officer of MMG, which is a branch of the state owned Minmetals based in China.

The CEO of the company is expecting that, the price of copper will return back to normal after the half decade lows, and by that time the consumers in China, and also will use up all the surplus of the commodity in their inventories and then the demand for copper would increase, increasing the price with it.

He added that, nearly 80 percent of mine was completed, which includes the relocation of the whole community to a brand new town, to make the operation underway. He added that, that his view on the copper supply is that it ill tightening and the sentiment will be changed, in the second half of the year 2015. Th4e company is only planning to let out the production from the mine, when the demand in the market for copper, would hike.

The decline in the value of copper from the year 2009, had been blamed upon the increasing supply from the copper mines. And also the shortfall of the demand for the commodity.