Las Bambas copper mine expansion approved by Peru regulators

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MMG Ltd. says it secured approval from Peru's Ministry of Energy and Mines to expand its giant Las Bambas copper mine despite ongoing protests from local indigenous communities; Las Bambas produces 2% of the world's supply of the red metal.

MMG says the expansion would underpin a production increase at Las Bambas to 380K-400K metric tons/year of copper concentrate for the medium term.

ETFs: NYSEARCA:COPX, NYSEARCA:CPER, JJCTF, JJC

The Chumbivilcas communities have long accused the Chinese company of failing to provide jobs and money, one of the poorest in Peru, despite the region's vast mineral wealth.

"Conditions in the copper market look encouraging, [but] the relative risk-reward and the valuation picture of COPX ETF are not too appealing," The Alpha Sieve writes in an analysis published on Seeking Alpha.