Southern Copper Said It Was Close To A Deal To Restart Its Cuajone Mine in Peru

Southern Copper Corp said on Saturday it was close to reaching an agreement with a group of communities to lift a suspension of operations at its Cuajone mine caused by protests, pending approval of the deal by local community councils.

Operations at the Cuajone mine were suspended on February 28 after four communities in southern Peru closed water pipes to the company and blocked railways used to transport the mineral.

The company said the community's local council could approve the deal as early as late Saturday, which would allow the mine to restart operations.

Peru is the world's second-largest copper producer, and mining is a major source of tax revenue. Residents of nearby communities are increasingly protesting that mining is polluting and not contributing enough to the local economy.

Cuajone is the company's second largest mine in Peru.