Copper giant Freeport-McMoRan (NYSE:FCX) said on Monday that its Cerro Verde mine in Peru was operating, though limited by the government’s extension of a state of emergency to slow the spread of coronavirus.
The world’s largest publicly traded copper producer had temporarily placed the mine into care and maintenance last month to comply with national measures aimed at containing the spread of covid-19.
It has been in talks with the Peruvian government since then
to resume limited operations, and said it was completing steps to provide
additional onsite facilities and enhanced health protocols to enable production
to increase.
On Sunday, the company had said it was suspending operations
at its Chino copper mine in New Mexico indefinitely due to the increasing cases
of coronavirus cases among its employees and the US in general.
Chino mine, in New Mexico’s southwest corner, produced 175
million pounds of copper last year, making it the company’s third-largest North
American mine by production.
Three of the mine’s employees tested positive for the virus earlier this month. On Sunday, Freeport told Reuters that more people had tested positive, but added the contagion was not “widespread,” without providing specific numbers.
Cerro Verde, controlled by Freeport-McMoRan with a 53.6%
stake, Sumitomo Metal (21%) and Buenaventura (19.6%), produced just under 1
billion pounds of copper and 29 million last year, making it Peru’s top copper
mine.
Peru is the world’s No.2 copper producer and mining accounts
for about 60% of its export earnings.