Wave of mining protests in Peru affecting investment perceptions - cenbank president

By Kitco News / November 02, 2021 / www.kitco.com / Article Link

By Marco Aquino

LIMA, Nov 2 (Reuters) - A wave of protests against Peru'skey mining sector is affecting the "country's perception interms of future investments," central bank president JulioVelarde said on Tuesday.

Peru, the world's No. 2 copper producer, has seendemonstrators in recent weeks block roads in protests againstmines owned by Glencore , BHP Billiton and MMGLtd.


Peru's largest copper mine, Antamina, suspended operations on Sunday following several days of roadblocks, with a miningindustry group decrying "a growing spiral of protests."


"Obviously order needs to reestablished," Velarde added, inremarks that appear to support the mining sector's position.

Mining is a key source of tax revenue for the Andean nation,which also has a pipeline of future mining projects estimated tobe worth $50 billion by the government.


The Andean community of Aquia, which is currently protestingagainst Antamina, told Reuters on Tuesday that it would not liftits road blockade before engaging in talks with the governmentor the company. Velarde has led Peru's central bank since 2006 and earnedaccolades for helping turn the country into one of LatinAmerica's most stable economies.

Peruvian left-wing President Pedro Castillo nominatedVelarde to stay in the role for another five years in a bid toappease anxious investors.


Velarde was sworn in for the new term on Tuesday.

(Reporting by Marco AquinoEditing by Mark Potter)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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