BHP Billiton Meeting Shipments, Peru Tintaya Mine Remains Shut
2005-06-01 18:11 (New York)
By Alex Emery
June 1 (Bloomberg) -- BHP Billiton Ltd., the world's largest
mining company, said it will make scheduled copper deliveries to
clients as a shutdown of its Tintaya mine in Peru entered its
eighth day.
``We expect to meet our scheduled commitments for shipments
of Tintaya concentrates barring an extended shutdown,'' BHP
Billiton spokesman Mauro Valdes said in an e-mailed response from
Santiago.
The company shut down operations at Tintaya, Peru's third-
largest copper mine, on May 24 after protesters attacked the
installations to pressure the company to invest more in
communities around the mine, 650 km (405 miles) southeast of Lima.
BHP Billiton could cover eventual Tintaya shortfalls with
copper concentrates produced at its Escondida mine in Chile and
the Antamina mine in Peru, in which BHP Billiton holds a one-third
stake, Valdes said. He did not say how long Tintaya stockpiles
would last.
Last year, Tintaya produced 118,527 tons of copper and
Antamina produced 267,331 tons, according to the Energy and Mines
Ministry.
``We're trying to resume operations as soon as we can, but
obviously that depends on factors beyond our control and the
government, to ensure this kind of situation doesn't happen
again,'' Valdes said.
Peru's deputy Mining Minister Romulo Mucho was scheduled
Thursday to resume talks with protesters to allow BHP Billiton to
resume operations. The company is losing $1 million a day in
unprocessed ore, Mucho said in an e-mailed statement.
Copper futures for July delivery rose 2.9 cents, or 2
percent, to $1.4855 a pound on the Comex division of the New York
Mercantile Exchange. Prices reached $1.488, the highest since
April 26. Prices have gained 15 percent from a year earlier.
--Editors: Strasser.
That's 2,600 tonnes of copper not produced in 8 days. |
